Optical frequency combs have enabled many applications (high precision spectroscopy, table-top optical frequency metrology, optical atomic clocks, etc.), received considerable attention and a Nobel Prize. In this thesis, the development of a stabilized Yb-doped femtosecond optical frequency comb is presented. As a starting point in the development of the frequency comb, a new type of fiber laser has been designed using numerical simulations and realized experimentally. The developed laser is able to produce pulses that can be compressed to 33 fs without higher-order dispersion compensation. After realization of the laser, a new type of fiber amplifier has been developed to be used for supercontinuum generation. The amplifier produces 6.8 nJ pulses that can be compressed to 36 fs without higher-order dispersion compensation. The dynamics of supercontinuum generation have been studied by developing a separate simulation program which solves the generalized nonlinear Schr¨odinger equation. Using the simulation results, appropriate photonic crystal fiber was chosen and octave-spanning supercontinuum was generated. Carrier-envelope-offset frequency of the laser has been obtained by building an f-2f interferometer. Repetition rate and carrier-envelope offset frequency of the laser have been locked to Cs atomic clock using electronic feedback circuits, resulting in a fully stabilized optical frequency comb. The noise performance and stability of the system have been characterized. Absolute frequency measurement of an Nd:YAG laser, which was stabilized using iodine gas, has been performed using the developed optical frequency comb.