The universal filtered multicarrier (UFMC) technique has been proposed as a waveform candidate for the fifth generation (5G) communications and beyond 5G. Compared with conventional orthogonal frequency division multiplexing (OFDM), UFMC has lower out‐of‐band emission and is also compatible with the multiple‐input multiple‐output (MIMO) technique. However, like other multicarrier waveforms, it suffers from phase noise of imperfect oscillator. In contrast to the rich literature on phase noise effect on MIMO‐OFDM (where the antenna mutual coupling effect is usually omitted though), there is little work investigating the phase noise effect on MIMO‐UFMC. In this paper, we study the MIMO‐UFMC systems in the presence of phase noise and with/without mutual coupling effect. A phase noise mitigation scheme for MIMO‐UFMC systems is presented. The scheme does not require detailed knowledge of the phase noise statistics and can effectively mitigate the phase noise within each UFMC symbol. Moreover, it is shown that at small antenna separations, the performance of the MIMO‐UFMC system taking the mutual coupling effect into account is better than that when the mutual coupling effect is overlooked.