Ultra-wideband (UWB) antennas cover a frequency range of 3.1 to 10.6 GHz and have sparked a lot of research interest as an essential part of wireless communication systems as they provide high data transmission speeds, are less expensive, and consume less power. UWB antennas are widely used in radar imaging, radio frequency identification, public security, and other high-accuracy positioning devices such as altimetry. Some smart applications of UWB antennas are vehicular radar systems, surveillance systems, software-defined radios, spectrum analysis, proximity fuses, etc. Multiple-input-multiple-output (MIMO) is a multiplexing technology that adopts multiple antennas both at the transmitter and receiver, which can enhance the channel capacity. MIMO technology is extensively used in several applications, such as in portable devices, wireless body area networks (WBANs), vehicular communication, and satellite–terrestrial networks. Generally, the MIMO antennas are used to obtain high reliability, high capacity, high throughput, and high security. The UWB MIMO antennas (UMAs) are considered the best choice for wireless communication systems as they offer reliability and wide transmission capacity, in contrast to unit antenna elements (AEs), without increasing system bandwidth or transmission power. The present-day and future communications systems need higher throughput to meet the demands of users. The signal transfer rate can be improved by improving channel bandwidth or increasing the number of receiving antennas. However, the main issue in designing UMAs is to provide high isolation between AEs because mutual coupling interactions between them affect the generated radiation patterns, leading to worse performance and failing to meet the operative constraints and requirements. When introducing decoupling techniques (DTs), researchers experience numerous challenges, including an increase in antenna size, design complexity, and cross-polarization. This article offers an organized review and simulated study of the various DTs in UMAs. The simulated study has been carried out through the implementation of various types of DTs on the same two-port UMA, which consists of two microstrip-fed circular-shaped AEs with open-end slotted partial ground. In contrast with previously reported review articles, this article provides a detailed study of various types of DTs reported so far and a better understanding for selecting appropriate DTs, which help in designing UMAs with better performance.