A dispersion compensating optical fiber comprises a minimum wavelength at which an increase amount of an actual loss value with respect to a theoretical loss value is not less than 10 mdB/km in a use wavelength band and on a long wavelength side of the use wavelength band. The actual loss value is measured in a state that the fiber is looped around a bobbin. The minimum wavelength falls within a range of 1,565 to 1,700 nm. This dispersion compensating optical fiber is suitably used for an optical transmission line of a large-capacity high-speed WDM optical transmission system.