A novel dispersion compensating fiber (DCF) with multiple windows is proposed, which is based on hybrid photonic crystal fibers. This type of DCF has a characteristic of multiple negative dispersion windows by the coupling between the hybrid guiding mode in the boundary of each band-gap of the core region and the index guiding mode in the cladding defect area. This is entirely different from the ordinary dual-core mechanism. The proposed DCF can compensate multiple dispersion wavelengths at the same time.