In this paper, we extend the geometrical one‐ring multiple‐input multiple‐output (MIMO) channel model with respect to frequency selectivity. Our approach enables the design of efficient and accurate simulation models for wideband space‐time MIMO channels under isotropic scattering conditions. Two methods will be provided to compute the parameters of the simulation model. Especially, the temporal, frequency and spatial correlation properties of the proposed wideband space‐time MIMO channel simulator are studied analytically. It is shown that any given specified or measured discrete power delay profile (PDP) can be incorporated into the simulation model. The high accuracy of the simulation model is demonstrated by comparing its statistical properties with those of the underlying reference model with specified correlation properties in the time, frequency and spatial domain. As an application example of the new MIMO frequency‐selective fading channel model, we study the influence of various channel model parameters on the system performance of a space‐time coded orthogonal frequency division multiplexing (OFDM) system. For example, we investigate the influence of the antenna element spacings of the base station (BS) antenna as well as the mobile station (MS) antenna. It turns out that an increasing of the antenna element spacing at the BS side results in a higher diversity gain than an increasing of the antenna element spacing at the MS side. Furthermore, the diversity gain brought in by space‐time block coding schemes is investigated by simulation. Our results show that transmitter diversity can significantly reduce the symbol error rate (SER) of multiple antenna systems. Finally, the influence of the Doppler effect and the impact of imperfect channel state information (CSI) on the system performance is also investigated. Copyright © 2009 John Wiley & Sons, Ltd.