One of the major factors that limit the performance of an optical fiber communication system is dispersion. In order to get a high transmission range with high data rates, techniques must be in place to compensate for the dispersion caused by fiber nonlinearity. Dispersion Compensating Fiber (DCF) and Fiber Bragg Grating (FBG) are the trending dispersion compensation techniques in optical fiber communication. The use of DCF and FBG as a method of dispersion compensation can notably enhance the overall performance of the system. Broadening is a function of distance as well as the Dispersion parameter (D). The dispersion parameter is given in ps/nm/km and changes from fiber to fiber and also is a function of wavelength. In this paper, we investigate pre-, post-, and symmetrical compensating schemes in three different compensating models: DCF, FBG, and DCF cascaded to FBG. The system performance was evaluated in terms of Q-factor and Bit Error Rate (BER) for one optical channel communication system at 120 Gbps Return to Zero (RZ) signal launched over Single-Mode Fiber (SMF) of 100 km by using OptiSystem 7.0 software.