Active queue management (AQM) is a technique to avoid serious congestion of the transmission control protocol (TCP) flows at a router. AQM based on control theory, which utilizes congestion controllers such as proportional-derivative (PD) controller or proportional-integral-derivative (PID) controller, has been previously proposed. In addition, disturbance observer (DOB) has been utilized to compensate for modeling error of a TCP/AQM congestion control system. However, the DOB-based controllers cannot cope with a large time delay in TCP/AQM networks. Although one of the effective time delay compensators is Smith predictor (SP), the implementation of the DOB and SP in an integrated manner has not been accomplished, because of saturation due to the input limit of packet drop probability. In this paper, a novel TCP/AQM congestion control system with the DOB and SP considering the saturation function is proposed to compensate for the modeling error and time delay simultaneously. Simulation results show that the proposed controller provides better throughput and goodput than conventional controllers. One of the simulations assume that the propagation delay and bottleneck link capacity are set to 100 ms and 100 Mbps, respectively. Under this assumption, it is confirmed that the proposed controller achieves a goodput of 99.55 Mbps whereas the classical PID controller and PD controller with DOB achieve 99.23 Mbps and 99.24 Mbps, respectively.