A novel type of asymmetric elliptical-hole photonic crystal fiber (PCF) with a central defect hole was proposed. The full vector finite element method was adopted to investigate its birefringence, dispersion and non-linear characteristics. By changing angle of the first layer of the elliptic hole, birefringence properties of the structure are strengthened, which also can improve the dispersion performance of the structure at the same time. The analysis results demonstrated that fibers with a value of 305×10-2 for birefringence at the wavelength of 1.55 μm can be obtained by setting suitable structure parameters, meanwhile with high nonlinear coefficients in both X and Y polarization directions. Furthermore, while maintaining the high birefringence, the proposed PCF also has negative flat dispersion of nearly 550 nm from 1 000 nm to 1 550 nm. The photonic crystal fiber with the new structure has wide applications for the polarization control, nonlinear optics and optical fiber communication.