In this paper, we present the design and analysis of a novel hybrid porous core octagonal lattice photonic crystal fiber for terahertz (THz) wave guidance. The numerical analysis is performed using a full-vector finite element method (FEM) that shows that 80% of bulk absorption material loss of cyclic olefin copolymer (COC), commercially known as TOPAS can be reduced at a core diameter of 350 μm. The obtained effective material loss (EML) is as low as 0.04 cm-1 at an operating frequency of 1 THz with a core porosity of 81%. Moreover, the proposed photonic crystal fiber also exhibits comparatively higher core power fraction, lower confinement loss, higher effective mode area, and an ultra-flattened dispersion profile with single mode propagation. This fiber can be readily fabricated using capillary stacking and sol-gel techniques, and it can be used for broadband terahertz applications.