Optical phase conjugation (OPC) is a promising optical technology that can compensate for dispersion and nonlinearity effects simultaneously in pulse propagation through a single-mode fiber. In optical fiber communication system with midway OPC employing dispersion management, effects of higher-order dispersion are analyzed theoretically. Dynamic evolution of ultra-short Gaussian pulses in the system is simulated numerically. The results demonstrate that the higher-order dispersion-managed OPC system can not only compensate for all nth-order dispersion including even order and odd order, but also eliminate the interaction of pulses, hence improve the compensation performance for the distortion.