There is provided a dispersion-managed fiber preform and a fabricating method thereof preform by modified chemical vapor deposition (MCVD). A core and a clad having the refractive index distribution of an optical fiber with a positive dispersion value are uniformly deposited in a glass tube. The preform with the positive dispersion value is heated at every predetermined period with a torch and the heated preform portions are etched to have a negative dispersion value. Then, the preform alternately having positions with the positive dispersion value and positions with the negative dispersion value along the length direction is collapsed.