An inset-fed planar MIMO antenna array design has been presented for dual-band 5G applications. The proposed MIMO array offers numerous advantages such as compact size, planar structure, and high isolation. The single element of the array comprises an inset-fed rectangular patch and open circuit stubs designed on the top side of the substrate, while the bottom layer consists of a partial ground plane. Simulated and measured results show that the proposed antenna offers dual-band characteristics at 28 GHz and 38 GHz frequency bands, respectively. It has also been observed from the results that the proposed inset-fed planar antenna offers good radiation characteristics, and acceptable gain and radiation efficiency. Furthermore, four-elements based MIMO antenna array has been designed for its possible use in 5G enabled communication devices. It has been demonstrated that the proposed MIMO antenna provides high isolation between array elements without disturbing the return loss of an individual element. The proposed MIMO antenna array has been fab- ricated and measured for the validation of simulation results, and it has been observed that both the results are in good agreement.