We consider the problem of reconstructing the position and the time-dependent optical properties of a linear dispersive medium from OCT measurements. The medium is multi-layered described by a piece-wise inhomogeneous refractive index. The measurement data are from a frequency-domain OCT system and we address also the phase retrieval problem. The parameter identification problem can be formulated as an one-dimensional inverse problem. Initially, we deal with a non-dispersive medium and we derive an iterative scheme that is the core of the algorithm for the frequency-dependent parameter. The case of absorbing medium is also addressed.