Photonic crystal fiber (PCF) is an example for two-dimensional photonic crystal structures. It obtains waveguide properties which can be varied not only materials with different refractive index but also geometrical size and number of cores or air holes in cladding region. Dispersion, one of the remarkable characteristics of PCF, plays a significant role in propagation of light. During propagation, time difference occurs between light pulses for their different paths, causing dispersion. Therefore, dispersion should be reduced for effective transmission of light. However, in multimode fiber, the dispersion is usually high. In this paper, a multi-mode circular-elliptical hexagonal photonic crystal fiber is proposed. The cladding of the proposed PCF have circular air holes arranged in four hexagonal rings and four elliptical air holes in orthogonal whereas core is a single circular ring. This structure of fiber is designed and simulated using COMSOL Multiphysics, which is based on finite element method. The used material is pure silica. The performance parameters such as chromatic dispersion, confinement loss, V-number and effective area are determined by wavelength interrogation method and are optimized with respect to size of core and number of elliptical air holes in the inner ring of the cladding. The result shows that V-number is >2.50416 over wide range of spectrum which confirms the multimode operation in the fiber. The obtained value of performance parameters for the pitch 5 µm are dispersion of −1 × 10−10 to 4.99 × 10−8 psnm−1 km−1, confinement loss of 1 × 10−23 to 51 × 10−9 dB km−1, effective area of 2.23 × 10−10 µm2. The flat dispersion is found at the wavelength range 1.2–1.6 µm of main communication window along with very low confinement loss.