An all-dielectric coaxial waveguide that can overcome problems of polarization rotation and pulse broadening in the transmission of optical light is presented here. It consists of a coaxial waveguiding region with a low index of refraction, bounded by two cylindrical, dielectric, multilayer, omnidirectional reflecting mirrors. The waveguide can be designed to support a single mode whose properties are very similar to the unique transverse electromagnetic mode of a traditional metallic coaxial cable. The new mode has radial symmetry and a point of zero dispersion. Moreover, because the light is not confined by total internal reflection, the waveguide can guide light around very sharp corners.