We propose and demonstrate a novel optically tunable dynamic dispersion-compensation device with coupled-cavity etalon structure. Experimentally, it was achieved with an all-fiber coupled-cavity etalon made in an Er/Yb codoped fiber pumped by a 980-nm laser diode. The dispersion was tuned from -300 to +400 ps/nm in the experiment. The potential advantages of such optically tunable dispersion compensators include fast response time and remotely controllable operation.