Optical properties of a new two-dimensional (2D) Dirac carbon material Phagraphene have been investigated by first-principles calculations based on density functional theory (DFT). We have studied the complex dielectric function, absorption spectrum and reflection spectrum of Phagraphene under different polarizations. Our results show that optical properties of this 2D Dirac carbon material show strong anisotropy under different polarized light. Phagraphene has a high real part of static dielectric function, which indicates that the material has considerable carrier mobility and conductivity and is expected to have a wide application in the next generation new nanoelectronic devices. In addition, Phagraphene has a wide-frequency optical response in the range from zero frequency to ultraviolet, showing its promising prospect of being applied in optoelectronic devices.