A wavelength dispersion compensating apparatus of the invention comprises: a VIPA plate capable to output incident lights at different angles according to wavelengths; a variable dispersion diffraction grating which can angularly disperse the lights of respective wavelengths output from the VIPA plate, in a direction substantially perpendicular to a direction of angular dispersion in the VIPA plate and also capable to change an amount of the angular dispersion; a light return apparatus which condenses the output lights from the variable dispersion diffraction grating and reflects them by a mirror, to return them to the VIPA plate side; and a stage rotation mechanism which rotates a movable stage on which the lens and the mirror are mounted, according to a diffraction angle in the variable dispersion diffraction grating, so as to enable wavelength dispersion and wavelength dispersion slope to be given to a WDM light, to be changed independently. As a result, it becomes possible to compensate for, over a wide wavelength band, the wavelength dispersion and wavelength dispersion slope of the WDM light, which are propagated through an optical fiber to be accumulated.