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We numerically report the design of a modified octagonal photonic crystal fiber (M-OPCF) for broadband dispersion compensation covering the C and L communication bands, ie, wavelengths ranging from 1530 to 1625 nm. It was shown that the proposed broadband compensating PCF can be designed to simultaneously exhibit a high negative dispersion coefficient and a relative dispersion slope (RDS) close to that of a conventional single-mode optical fiber (SMF). From our results, it was found that the M-OPCF has a large negative dispersion [-226 to-290 ps/(nm· km)] over the C-and L-bands, and an RDS close to that of an SMF of about 0.0034 nm-1. In addition to this, the effective dispersion, residual dispersion, confinement loss, and polarization properties of the proposed PCF are also reported and discussed.