The correlation between the antennas of multiple-input, multiple-output (MIMO) systems in limited spaces and size degrades the performance and capacity by either using complex coupling or decoupling structures. For isolation improvement, this paper presents the simple design of a compact high-isolation ultra-wideband (UWB) MIMO antenna with a circular parasitic element at the back side of the radiating patch, thereby creating the reverse coupling and helping reduce the mutual coupling at the upper part of the frequency bands, and a small rectangular notch at the ground plane to extend the impedance bandwidth of the monopole antenna. This approach eliminates the use of complex coupling or decoupling structures and complex feeding networks. A novel feature of our design is that the MIMO antenna exhibits a very low envelope correlation coefficient (ECC < 0.007) with high diversity gain (DG > 9.99) and wide impedance bandwidth of 139 % from 3.1 to 17.5 GHz applicable for not only UWB application, but also next generation wireless communication, 5G. The high peak gain over the entire UWB and the upper part of the overall frequency band ensure that the antenna can be used in MIMO applications owing to the close agreement between the simulated and measured results.