A novel wide dual-band, Multiple-Input Multiple-Output (MIMO) antenna design for the upcoming fifth generation (5G) wireless communication is presented in this work. The size of single element of the proposed MIMO configuration is 4×5 mm2having L-shaped slot at the top edge. Rogers TMM4 with thickness of 0.508 mm having relative permittivity of 4.5 is used as a substrate material. Resonating frequencies of single antenna element are 40.15, 67.80 and 91.23 GHz with a wide impedance bandwidth of 2.22 and 34.43 GHz, respectively. The return loss at resonating frequencies are - 29.25, -66.30. and -20.00 dB with a good gain of 5.51, 4.27 and 3.70 dBi, respectively. The overall size of proposed 1×2 MIMO antenna is 4×7 mm2with a separation of 3.6 mm in between two elements and 0.6 mm separation between the edges and elements. The resonating frequencies of the proposed MIMO antenna are 40.36 GHz with reasonable gain of 4.62 dBi, and 67.59 and 95.73 GHz with improved gain of 5.42 and 5.70 dBi, respectively. The simulated return loss below -10db at resonating frequencies are -21.92, -63.38 and -27.87 dB, respectively. Inter-port isolation of above 20 dB throughout the operating frequencies, is achieved without using any complex technique. Envelope Correlation Coefficient (ECC) and Diversity Gain (DG), are important MIMO antenna parameters are less than 0.001 and 10 dB respectively. The proposed design with a high radiation efficiency at resonating frequencies is a good candidate for the satellite and radar communication as the achieved operating range lies in the proposed Ka-band (26-40 GHz), V-band (40-75 GHz), E-band (60-90 GHz) and W-band (75-110 GHz).