This article presents a compact wideband multi‐input multi‐output (MIMO) antenna with a high port‐to‐port isolation, having a height h = 3.5 mm for 4G, 5G, and Internet of things (IoT) applications. Two identical planar inverted‐F antennas (PIFA) are used in this antenna system. For achieving wideband characteristics, closed‐ended and open‐ended rectangular slots are etched out on top plate of each PIFA, whereas a slot is etched in ground plane under the top plate of each PIFA. For achieving high isolation, a rectangular slot is etched out in the center of ground plane between two PIFAs. For further reduction in mutual coupling, a small rectangular strip is connected between the top plates of two PIFAs that introduce an antiresonance for enhancing isolation between two PIFA elements. The minimum isolation obtained between the ports of the two PIFAs is about −20 dB. The minimum impedance bandwidth obtained by the two PIFAs is from 2 to around 3.6 GHz, thus become a wide band antenna covering WLAN band (2.45GHz), 4G‐LTE bands, WiMAX bands (IMT‐2.1 GHz, IMT‐2.3 GHz, and IMT‐E 2.6 GHz), and a sub‐6 GHz 5G band (3.4‐3.6 GHz). The simulated results are compared with the measured ones that are generally found in good agreement. Being low profile and compact, this antenna can be used for advanced 5G communication systems and IoT devices.