The significance of Channel State Information (CSI) is very essential in a hybrid mm-WAVE Multiple Input Multiple Input (MIMO) System due to its direct dependency on medium capacity and energy efficiency of a network. Therefore, a Channel State Information (CSI)-based Sparse Reconstruction (CSISR) technique is adopted for effective evaluation of CSI for future 5G cellular network implementation. A hybrid mm-WAVE MIMO communication system is also employed for effective bandwidth spectrum utilization. Furthermore, a joint sparse coding algorithm is introduced to study the channel matrices of hybrid mm-WAVE MIMO system. The proposed CSISR technique ensure proficient signal reconstruction, signal compression and resource reduction by exploiting sparsity of channel matrix. The proposed CSISR technique under low SNR conditions as well for hybrid mm-WAVE MIMO system with optimization of pre-processors and combiners. The performance throughput of proposed CSISR technique is measured against conventional algorithms considering power consumption, Normalized Mean Square Error (NMSE) and spectral efficiency of the mm-Wave MIMO system. The superiority of proposed CSISR technique is concluded based on simulations considering different system configurations and performance matrices.