Wavelength converters are usually used for improving the performance of WDM optical networks. From the viewpoint of network economics and current technologies, the wavelength converters with a limited conversion range are necessary to be used sparsely in real applications. However, there have been little efforts for developing wavelength assignment algorithm that achieves a guaranteed high performance with either limited or sparse wavelength conversion. In this paper, we propose a new wavelength assignment algorithm that can be applied to both sparse and limited wavelength conversion. Through the results of simulation program, we show that the proposed algorithm outperforms other ones presented until now.