Multiple-input multiple-output (MIMO) technology has emerged as a highly promising solution for wireless communication, offering an opportunity to overcome the limitations of traffic capacity in high-speed broadband wireless network access. By utilizing multiple antennas at both the transmitting and receiving ends, the MIMO system enhances the efficiency and performance of wireless communication systems. This manuscript specifies a comprehensive review of MIMO antenna design approaches for fifth generation (5G) and beyond. With an introductory glimpse of cellular generation and the frequency spectrum for 5G, profound key enabling technologies for 5G mobile communication are presented. A detailed analysis of MIMO performance parameters in terms of envelope correlation coefficient (ECC), total active reflection coefficient (TARC), mean effective gain (MEG), and isolation is presented along with the advantages of MIMO technology over conventional SISO systems. MIMO is characterized and the performance is compared based on wideband/ultra-wideband, multiband/reconfigurable, circular polarized wideband/circular polarized ultra-wideband/circular polarized multiband, and reconfigurable categories. The design approaches of MIMO antennas for various 5G bands are discussed. It is subsequently enriched with the detailed studies of wideband (WB)/ultra-wideband (UWB), multiband, and circular polarized MIMO antennas with different design techniques. A good MIMO antenna system should be well decoupled among different ports to enhance its performance, and hence isolation among different ports is a crucial factor in designing high-performance MIMO antennas. A summary of design approaches with improved isolation is presented. The manuscript summarizes the various MIMO antenna design aspects for NR FR-1 (new radio frequency range) and NR FR-2, which will benefit researchers in the field of 5G and forthcoming cellular generations.