A dispersion compensation method and a dispersion compensation device in an optical communication system are provided. The method mainly includes the following steps. A dispersion compensation value transmitted through a working path at a second wavelength is received through a non-working path at a first wavelength in an optical communication system. The non-working path at the first wavelength and the working path at the second wavelength use the same service channel. Dispersion in the non-working path at the first wavelength is compensated according to the dispersion compensation value. Therefore, no matter the working path is a main path or a backup path, the dispersion compensation value on the non-working path can be accurately regulated in time, such that the dispersion of the working path reaches an optimal status each time after the protection switching occurs to the service, thereby ensuring the fast switching of the service.