An octagonal photonic crystal fiber (PCF) with an elliptical shape in the center core is numerically investigated for residual dispersion compensation in the wavelength range 1460-1675 nm. The designed fiber exhibits flattened negative dispersion over the S + C + L + U wavelength bands and an average dispersion of -465.5 ps/(nm·km) with an absolute dispersion variation of 10.5 ps/(nm·km). In addition, the proposed PCF shows a high birefringence of 2.68×10(-2) at the operating wavelength 1550 nm, which meets the requirement of high birefringence. Moreover, the variation of two air holes in the first ring up to 5% ensures an average dispersion of -491.5 ps/(nm·km) with a dispersion variation of 13 ps/(nm·km), and birefringence reaches up to 3×10(-2). Furthermore, to evaluate the sensitivity of the fiber dispersion properties, ±5% variation in the optimum parameters is studied.