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In this paper, a new structure of highly nonlinear low dispersion photonic crystal fiber (HN- PCF) by elliptical concentration of GeO2 in the PCF core has been proposed. Using finite difference time domain (FDTD) method, we have analyzed the dispersion proper- ties and effective mode area in the HN-PCF. Simulative results show that the dispersion variation is within 4-0.65 ps/(nm.km) in C-band, especially 0.24ps/(nm.km) in 1.55 ~tm wavelength. Effective area and nonlinear coeffi- cient are 1.764pm2 and 72.6Wl"km-1 respectively at 1.55 ~tm wavelength. The proposed PCF demonstrates high nonlinear coefficient, ultra small effective mode area and nearly-zero flattened dispersion characteristics over C- band, which can have important application in all-optical wavelength conversion based on four wave mixing (FWM).