A densely-spaced wavelength division multiplexing (DWDM) transceiver utilizes a comb laser source to provide a multi-channel system capable of supporting at least twenty separate channels. The optical transmitter portion of the transceiver utilizes a double-pass (e.g., reflective) modulator configuration. The double-pass arrangement allows for a single grating (or other suitable dispersive element) to be used as a demultiplexer in combination with the comb laser source to separate the input optical beams into individual wavelength components, as well as a multiplexer for combining the plurality of separate modulated optical signals into a single, multi-channel DWDM optical output signal. The optical receiver portion of the transceiver includes a grating element to direct the multi-channel received optical signal into separate, wavelength-based channels, with the signal propagating along each channel directed into a separate photodiode.