In response to the increasing demand for voice, data, and multimedia applications, the next generation of wireless communication systems is projected to provide faster data rates and better service quality to customers. Techniques such as Multiple-Input–Multiple-Output (MIMO) and diversity are being studied and implemented to meet the needs of next-generation wireless communication systems. Embedding multiple antennas into the same antenna system is seen as a promising solution, which can improve both the system’s channel capacity and the communication link’s quality. However, for small handheld and portable devices, embedding many antennas into a single device in a small area and at the same time providing good isolation becomes a challenge. Hence, designing a shared antenna system with multiple feed ports with equivalent or better performance characteristics as compared to the approach of multiple antennas with multiple feed ports is a promising advantage which can reduce the size and cost of manufacturing. This paper intends to provide an in-depth review of different MIMO antenna designs with common radiators covering various antenna design aspects such as isolation techniques, gain, efficiency, envelope correlation coefficient, and size, etc. There is also a discussion of the mathematical concepts of MIMO and different isolation techniques, as well as a comparative analysis of different shared radiator antenna designs. The literature review shows that only very few antennas’ design with common radiator have been suggested in the available literature at present. Therefore, in this review paper, we have endeavored to study different antennas’ designs with common radiator. A comparison is provided of their performance improvement techniques in a holistic way so that it can lead to further develop the common radiator multiport antenna systems and realize the promising advantages they offer.