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This paper presents a microstructure optical fiber for dispersion compensation in a wide range of wavelengths. The finite-element method with perfectly matched absorbing layers boundary condition is used to investigate the guiding properties. The designed novel dispersion compensating fiber shows that it is possible to obtain a larger negative dispersion coefficient of about −130 to −360 ps/(nm km), better dispersion slope compensation, better compensation ratio, and lower confinement losses less than 10⁻² dB/km in the entire telecommunication (1400–1600 nm) band by using a modest number of design parameters and very simple cladding design.