An optical equalizer/dispersion compensator (E/CDC) comprises an input/output for receiving a multiplexed channel signal comprising a plurality of channel signals of different wavelengths. An optical amplifier may be coupled to receive, as an input/output, the multiplexed channel signals which amplifier may be a semiconductor optical amplifier (SOA) or a gain clamped-semiconductor optical amplifier (GC-SOA). A variable optical attenuator (VOA) is coupled to the optical amplifier and a chromatic dispersion compensator (CDC) is coupled to the variable optical attenuator. A mirror or Faraday rotator mirror (FRM) is coupled to the chromatic dispersion compensator to reflect the multiplexed channel signal back through these optical components The E/CDC components may be integrated in a photonic integrated circuit (PIC) chip.