A novel compact multi-input multi-output (MIMO) antenna system with split-ring resonator (SRR), a popular metamaterial structure, is presented. The MIMO antenna system consists of SRRs as radiator elements arranged close to each other on a printed circuit board. We evaluate the antenna characteristics with a single and two SRR elements arranged within various sizes of area. We also analyze MIMO channel capacities of SRR elements by using radiation patterns. The obtained results confirm that the proposed MIMO antenna system can achieve the same channel capacity as a conventional MIMO antenna system but with a 30% smaller footprint area and is very suitable for compact wireless equipment in next-generation wireless systems.