A dual-band serrated microstrip MIMO antenna is proposed for 5th generation wireless applications in this article. Here, the designed MIMO antenna is a serrated basic microstrip patch antenna. The dual-band microstrip MIMO antenna is excited by utilising a 50 Ω transmission line. A full ground copper layer has been utilized in the design to attain a better isolation, whereas the fabricated antenna's isolation among the antenna elements is measured to be greater than −20 dB. The simulated −10 dB impedance bandwidth of 160 MHz (3.340-3.50 GHz) and 220 MHz (5.50-5.72 GHz) can cover 3.40-3.60 GHz and 5-5.7 GHz fifth generation bands. In addition, the measured ECCs are less than 0.0025 and 0.001 at the two resonant frequency bands and for the two MIMO antennas. The antenna diversity parameters covering ECC and DG were analyzed. The average gain for the single-element, dual-port and quad-port MIMO antennas is 3 dBi. These parameters make the serrated microstrip MIMO antenna also suitable for intelligent IOT devices operating in sub-6 GHz band.