Wireless generations require the miniaturized radiating elements for the portable devices. This research article presents a miniaturized multiple input multiple output (MIMO) antenna for IEEE 802.11 (WLAN) and IEEE 802.16 (WiMAX) wireless standards. The multi-standard, multi-band MIMO with 1 × 2 diversity arms is impedance matched with 50 Ω microstrip line on FR-4 dielectric substrate having dielectric constant 4.4 and 1.524 mm thickness. The simple low profile design covers16.46% (2.23-2.64 GHz) and 12.37% (3.26-3.70 GHz) microwave frequency bands, with voltage standing wave ratio (VSWR) ≤ 2 achieves more than 12.5 dB of isolation between radiating ports. The proposed MIMO with inverted L shaped slot exhibits more than 73% efficiency, and more than 4 dBi gain at resonant frequencies. The presented MIMO is designed on FR-4 dielectric substrate of size 45.1 × 90.2 mm2. The compact size of the radiating element is 6.7 × 6.7 mm2. The effect of radiations on the body has been evaluated using specific absorption rate (SAR) and found to be in safety limit.