In view of dispersion compensating in multiple wavebands at the same time, this paper proposes a novel multi-waveband dispersion compensating fiber (DCF) based on hybrid photonic crystal fiber (PCF). The proposed fiber can compensate multiple wavebands at the same time. The mechanism of the multi-waveband dispersion compensation is analyzed, and the different material-filled structure is discussed numerically. The simulation results show that the multi-waveband DCF can compensate multiple wavelengths at the same time. By a reasonable design, this fiber can replace the multi-dispersion compensating system composed by cascaded multiple devices, and minimize the loads of the system in an efficient way.