The finite element method was employed to analyze the effective refractive index and the dispersion characteristics for sub-micron As2S3 chalcogenide glass ridge waveguides with ridge height of 850 nm, ridge width of 800-2 000 nm, and etch depth of 200-600 nm. The results show that some certain structure ridge waveguides have anomalous dispersion for the quasi-TM mode within optical communications band, and their zero dispersion wavelengths take place the blue shift with the increasing of etch depth in the same ridge width and ridge height. Moreover, there are two zero dispersion wavelengths in these waveguides with an appropriate structure, the As2S3 waveguide with ridge height of 850 nm, ridge width of 1 000 nm, and etch depth of 350 nm presents two the zero-dispersion wavelengths of 1 510 nm and 1 746 nm, and the dispersion value of -28.62 ps2·km-1 in the quasi-TM mode at 1 550 nm. On this basis, the As2S3 chalcogenide glass ridge waveguide with anomalous dispersion was used as an optical phase conjugation medium, and then applied in 220 km long distance fibre link with 3×40 Gb/s high bit-rate wavelength division multiplexing system by the experimental simulation. The results show this optical phase conjugator based on the chalcogenide glass ridge waveguide achieves availably the four-wave mixing effect and offers effectively the dispersion compensation for the whole system.