This invention is a tunable dispersion compensation apparatus that suppresses the effects of the transmission channel dispersion which impedes transmission when optical signals used in high-speed communications are transmitted across long distances among various points. It is an apparatus that performs dispersion compensation upon received optical signals based on information that accompanies the received optical signals, or an apparatus that performs dispersion compensation in advance upon optical signals to be sent based on information related to the destination of the optical signals to be sent, including: an input block and output block for optical signals, with a dispersion element that has wavelength dispersion characteristics and a wavelength shifter that is able to adjust the amount of shift depending on the input optical signal provided in a circulating light path upon the light path from the input block to the output block, and further including a constitution whereby the input optical signal circulates around a circulating light path containing the dispersion element and wavelength shifter a stipulated number of times before reaching the output block, and a constitution whereby the number of times the light circulates is determined based on the information and input to the wavelength shifter.