In this work, a compact quad‐element multiple‐input‐multiple‐output (MIMO) antenna system is proposed. The design consists of four annular slot‐line based MIMO elements, printed on a commercially available RO4350 substrate with a total size of 60×120×0.76thinmathspacemnormalm3. Each annular slot has a rectangular slot inside it to increase its electrical length to further bring down the resonance frequency. Furthermore, a T‐shaped defected ground structure is utilised to increase the isolation between the closely spaced antenna elements. Each element is loaded with a unique split ring resonator (SRR), which results in size reduction as well as multi‐band operation covering 1.7–2.28, 2.35–2.85 and 2.9–3.1 GHz. Moreover, by using only a single varactor diode per element, fine frequency tuning over these bands is achieved. A wide frequency sweep over multi‐band and a peak gain of 2.95 dBi with 82% maximum radiation efficiency is achieved. Low envelope correlation coefficient values are observed throughout the operating band, thus offering good MIMO performance. The overall planar antenna design is compact, low‐profile and can easily be integrated with radio frequency front ends in second generation cognitive radios among many other applications.