A mode-locked fiber laser has a resonator including a gain-fiber, a mode-locking element, and a spectrally-selective dispersion compensating device. The resonator can be a standing-wave resonator or a traveling- wave resonator. The dispersion compensating device includes only one diffraction grating combined with a lens and a mirror to provide a spatial spectral spread. The numerical aperture of the gain-fiber selects which portion of the spectral spread can oscillate in the resonator.