The in-depth exploration in the future 5G technology symbolizes a revolution in technology for antenna designers to encounter the all time increasing need as well as demand for higher data rate wireless communications. The paper gives out an exhaustive review of the evolution and characteristics of the 5G spectrum allocations, the MIMO antenna design with regard to mutual coupling reduction techniques and safer user applications. It precisely covers almost all the aspects of 5G which mainly include the types of antenna designs and their performance parameters related to MIMO design. The paper also presents a brief description of massive MIMO technology for base station applications. The main aim of the paper is: (1) to emphasize the frequencies allocated for the 5G including sub-6 Ghz and mm-wave bands; (2) to underline the suitable antenna designs for MIMO applications for mobile devices and base stations; (3) to highlight the mutual coupling effects in MIMO designs and its reduction techniques; (4) to consider the gaps in the literature and the challenges for reducing SAR effects for the safety of the users. This review paper has been an attempt to explore the evolution of 5G bands and antenna designs for 5G applications, comparison based on the literature, and the techniques implemented for enhancing the MIMO antenna performances.