In this paper, a new structure of highly nonlinear low dispersion photonic crystal fiber (HNPCF) by elliptical concentration of GeO2 in the PCF core has been proposed. Using finite difference time domain (FDTD) method, we have analyzed the dispersion properties and effective mode area in the HN-PCF. Simulative results show that the dispersion variation is within -0.65 ps/(nm·km) in C-band, especially 0.24 ps/(nm·km) in 1.55 μm wavelength. Effective area and nonlinear coefficient are 1.764 μm2 and 72.6W-1·km-1 respectively at 1.55 μm wavelength. The proposed PCF demonstrates high nonlinear coefficient, ultra small effective mode area and nearly-zero flattened dispersion characteristics over Cband, which can have important application in all-optical wavelength conversion based on four wave mixing (FWM).