A dual‐band MIMO slot antenna with polarization diversity and improved gain is proposed in this article. The antenna is composed of two C‐type back‐to‐back connected slot resonators and offers resonances at 3.5 and 5.2 GHz. This antenna element is further used to design a MIMO antenna. By introducing one U‐shaped slot between two antenna elements, isolation between the ports of this MIMO antenna is improved further. Finally, an artificial magnetic conductor (AMC) is placed below the MIMO antenna to enhance its gain. Gain enhancement of 1.5 and 2.2 dB is achieved at lower and upper band, respectively. S‐parameters, radiation patterns, gain, envelope correlation coefficient, and channel capacity loss are investigated to conclude about its performances in MIMO applications. Dual band dual polarization (circular and linear), improved isolation, polarization diversity (right‐hand circular polarization and left‐hand circular polarization), gain enhancement all are presented in a simple design represents the novelty of the proposed MIMO antenna.