One of the key components of wavelength division multiplexing (WDM) networks is tunable optical filters (TOFs). This paper focused on the theoretical analysis and design of a new dual-channel micro-electromechanical system (MEMS) actuated tunable optical filter based on polarization insensitive compound ring resonators (PICRRs) for dense wavelength division multiplexing (DWDM) optical networking applications. It is basically structured on an optimally designed capacitive type microcantilever beam, which is fixed at both ends, with built-in PICRRs, which are placed at both fixed ends of the beam to gain linearly varying longitudinal strain and stress on the resonators. Also, the dimensions of the rings are properly chosen to achieve a full width at half maximum (FWHM) of 0.4078 nm with a flat pass band at 1 dB of 0.3626 nm and a good shape factor for both channels. It also shows a free spectral range of about 20.05 nm for the first channel and 20.046 nm for the second channel, with a high extinction ratio that allows filtering of adjacent channels of 50 GHz DWDM systems. Thus, when the electrostatic attraction force (EAF) is applied, the beam will bend, which induces strain and stress in the rings, which brings a change in effective refractive index of the rings and also affects the perimeter and coupling coefficients of the rings that leads to a change in the output spectrum shift, providing the tunability as high as 4.779 nm/μN, and it is capable of tuning up to 355 GHz with negligible variations of FWHM and channel spacing within the tunability range of the two channels.