The resolution of optical coherence tomography (OCT) often suffers from blurring caused by material dispersion. We present a numerical algorithm for computationally correcting the effect of material dispersion on OCT reflectance data for homogeneous and stratified media. This is experimentally demonstrated by correcting the image of a polydimethyl siloxane microfludic structure and of glass slides. The algorithm can be implemented using the fast Fourier transform. With broad spectral bandwidths and highly dispersive media or thick objects, dispersion correction becomes increasingly important.