Composites of a few layers of graphene (G) with different loadings of Au nanoparticles (NPs) were used as counter electrodes for dye-sensitized solar cells. Simple solution coating followed by a post thermal treatment was employed for the preparation of the counter electrodes. The graphene composite electrode with 30 nM Au NPs showed a 6.55% higher conversion efficiency (η = 1.79%) and 200 mV higher open-circuit voltage (0.60 V) than cells fabricated with sputtered Pt electrodes. The better electrocatalytic activity of the composite electrode was also reflected in the sharp reduction peaks observed in the cyclic voltammogram.