The design of low-profile Multiple-Input-Multiple-Output (MIMO) antennas for various 5G applications is a topic of huge interest in academia, research, and telecommunication sector. In this aspect, a compact and low-profile 5G MIMO antenna has been designed and analyzed for various 5G applications, specifically for the 24 GHz bands (24.25–24.45 GHz and 25.05–25.25 GHz) and local multipoint distribution system band (27.5–28.35 GHz) of the 5G spectrum. The proposed antenna structure is 20 × 20 × 1 mm3 in dimension. Two spade-shaped radiators composed of Copper (annealed) material are placed orthogonally to improve isolation and maintain signal diversity. Rogers RT 5880 is used as the material for substrate. The antenna exhibits a wide bandwidth of 21.5–28.5 GHz. The mutual isolation |S21| has been maintained ≤29 dB due to the insertion of a T-shaped parasitic strip in between the radiating elements. Novelty in design and superiority in performance has been observed when compared with related antenna categories.