Spatial and temporal characteristics of the propagation channel have a significant influence on multiantenna method applicability for fifth‐generation‐ (5G‐) enabled Internet of Things (IoT). In this paper, the statistical characteristics of a novel three‐dimensional (3D) geometric‐based stochastic model for next‐generation vehicle‐to‐vehicle (V2V) multiple‐input multiple‐output (MIMO) communications under the nonisotropic scattering environment are investigated. In both line‐of‐sight (LoS) and non‐line‐of‐sight (NLoS) conditions, the proposed model investigates the spatial, frequency, and temporal domain statistical distribution of multipath received signals by using the time‐variant transfer function for indoor environments. The probability density function (PDF) of separation distance between the transceiver antennas, angle‐of‐arrival (AoA), and angle‐of‐departure (AoD) in the azimuth and elevation planes is derived by using closed‐form expressions. For the space, time, and frequency correlation function (STF‐CF), a precise analytical expression is derived based on MIMO antenna system. We further determine the effects of several model parameters on the V2V channel performance, such as tunnel width, antenna array spacing, Ricean K‐factor, and moving velocity. The statistical characteristics of the MIMO channel model are validated by simulation results, confirming the flexibility and effectiveness of our proposed model in the tunnel scenario.