In this paper, a compact planar dual-band multiple-input and multiple-output (MIMO) antenna with high isolation is presented to satisfy the increasing requirements of wireless communication. The proposed antenna array consists of two identical radiating elements which are fed through micro-strip lines. A rectangular micro-strip stub with defected ground plane is employed to achieve a high isolation which is less than −15 dB between the two antenna elements. The size of the entire MIMO antenna is 32 × 32 × 1.59 mm³, which is printed on an FR4 substrate. The proposed MIMO antenna is optimized to operate in 2.36–2.59 GHz and 3.17–3.77 GHz bands, which can cover the fifth-generation (5G) n7 (2.5–2.57 GHz) and the fourth-generation (4G) Long Term Evolution (LTE) band 42 (3.4–3.6 GHz). The proposed MIMO antenna is feasible for the 5G and 4G applications.