The dispersion and nonlinear property of highly nonlinear photonic crystal fiber (HNLPCF) are simulated with the vectorial beam propagation method. The effective area of fundamental mode Aeff, nonlinear coefficient γ and dispersive coefficient D are evaluated. The relationship between Aeff, γ and D with the pitch Λ and hole diameter d, is analyzed. The dispersion and nonlinear property of highly nonlinear photonic crystal fiber can be controlled by the structural parameters, Λ and d.