This paper presents a compact dual-polarized multiple-input multiple-output (MIMO) antenna for fifth generation (5G) and wireless local area network (WLAN) applications. At first, a compact two-element dual-polarized MIMO antenna designed to operate at 3.5 GHz was developed. After that, some modifications were performed in the initial configuration, and a compact two-element dual-polarized MIMO was designed to operate at 3.5 and 5.35 GHz. A simple decoupling technique using parasitic element and slot was used to enhance the isolation between the radiating elements and to achieve an isolation above 18 dB over the band ranging from 3.4 to 3.6 GHz for the first antenna, and to achieve isolations above 19.8 dB over the first band ranging from 3.4 to 3.6 GHz and above 16.75 dB over the second band ranging from 5.15 to 5.85 GHz for the second antenna. Simulations were performed in the Ansoft HFSS software for numerical characterization and the prototype was fabricated with FR-4 dielectric and measured, presenting a good agreement between simulated and measured results. Furthermore, the envelope correlation coefficient (ECC) and the diversity gain (DG) were analyzed and present good results.