SummaryThis work presents a compact two‐element multi‐input‐multi‐output (MIMO) antenna for 5G‐enabled IoT devices. The antenna operates over a wide frequency range of 24.6 to 31.4 GHz (28‐GHz band) and 57.6 to 60.2 GHz (60‐GHz band). Each MIMO element consists of an inverted L‐shaped slotted radiator with a partial ground plane. The antenna offers a peak gain of 5.45 and 5.56 dBi across two operating bands. The minimum isolation between the two ports is −26.5 dB, reaching a maximum value of over −45 dB. The investigation of MIMO metrics like “envelope correlation coefficient (ECC),” “diversity gain (DG),” “mean effective gain (MEG),” “channel capacity loss (CCL),” and “total active reflection coefficient (TARC)” also show favorable characteristics. The antenna is fabricated on a 10 × 22 × 0.503 mm3 Rogers 5880 substrate. The experimental results are in close agreement with that of the simulation results. The distinguishing features of the proposed antenna such as its compact design, simple geometrical configuration, wide operating bandwidth, low ECC, and high isolation make it a strong candidate for 5G‐enabled IoT devices.