In this paper, a meander-lines-based epsilon negative (ENG) metamaterial (MTM) with a high effective medium ratio (EMR) and near-zero refractive index (NZI) is designed and investigated for multiband microwave applications. The metamaterial unit cell is a modification of the conventional square split-ring resonator in which the meander line concept is utilized. The meander line helps to increase the electrical length of the rings and provides strong multiple resonances within a small dimension. The unit cell of proposed MTM is initiated on a low-cost FR4 substrate of 1.5 mm thick and electrical dimension of 0.06λ × 0.06λ, where wavelength, λ is calculated at the lowest resonance frequency (2.48 GHz). The MTM provides four major resonances of transmission coefficient (S21) at 2.48, 4.28, 9.36, and 13.7 GHz covering S, C, X, and Ku bands. It shows negative permittivity, near-zero permeability, and near-zero refractive index in the vicinity of these resonances. The equivalent circuit is designed and modeled in Advanced Design System (ADS) software. The simulated S21 of the MTM unit cell is compared with the measured one and both show close similarity. The array performance of the MTM is also evaluated by using 2 × 2, 4 × 4, and 8 × 8 arrays that show close resemblance with the unit cell. The MTM offers a high effective medium ratio (EMR) of 15.1, indicating the design's compactness. The frequency hopping characteristics of the proposed MTM is investigated by open and short-circuited the three outer rings split gaps by using three switches. Eight different combinations of the switching states provide eight different sets of multiband resonances within 2-18 GHz; those give the flexibility of using the proposed MTM operating in various frequency bands. For its small dimension, NZI, high EMR, and frequency hopping characteristics through switching, this metamaterial can be utilized for multiband microwave applications, especially to enhance the gain of multiband antennas.