An ultra-wideband (UWB) and compact-size four-port multiple input multiple output (MIMO) antenna with a footprint of 34 mm × 34 mm fed by an asymmetric coplanar strip (ACS) is investigated. The proposed antenna is composed of four orthogonally placed identical modified elliptical-shaped radiators and achieves an impedance bandwidth of 3.4–12.2 GHz. By etching two inverted L-shaped slots in the radiator element, WLAN band and X-band are rejected in the operating communication range. Because of the usage of a meander line decoupler, the isolation enhancement at the 8–12 GHz band is achieved and the isolation is more than 18 dB for most of the UWB range. The performance of the proposed antenna is studied in terms of isolation between each port, radiation pattern, current distribution, gain, envelope correlation coefficient, diversity gain, and total active reflection coefficient. The compact size and reduced complexity make the proposed design highly suitable for portable devices.