This paper presents a compact two-element MIMO antenna with improved isolation for triple-band applications. The antenna consists of two radiating elements with the shared ground plane and a novel decoupling structure. Each antenna element has three stubs with different lengths, which work as quarter-wavelength monopoles to give a triple-band operation. The decoupling system is made by etching various slots in an inverted H-shape stub attached to two quarter-circles at its lower ends. The simulated and measured results show that the antenna operates (|S₁₁| < −10 dB) at the key frequency bands of 2.4 GHz (2.29–2.47 GHz), 3.5 GHz (3.34–3.73 GHz), and 5.5 GHz (4.57–6.75 GHz) with a stable gain and radiation patterns. Moreover, the MIMO antenna shows good isolation characteristics. The isolation is more than 20 dB, the envelope correlation coefficient is <0.003, and diversity gain is 9.98 dB, within the frequency band of interest. Furthermore, the MIMO antenna has a compact size of 48 mm × 31 mm × 1.6 mm. These features of the proposed antenna make it a suitable candidate for I.S.M., 5G sub-6 GHz, and WLAN applications.