The high cost and platinum dissolution issues of counter electrodes (CEs) are two core problems for the development of dye-sensitized solar cells (DSSCs). In this work, different CEs based on binary alloy Ru81.09Co18.91, Ru80.55Se19.45 and Co20.85Se79.15 nanostructures for DSSCs were successfully synthesized and investigated by a facile and environmentally friendly approach. Here, we found that the Co20.85Se79.15 alloy CE-based device yields the higher photoelectric conversion efficiency of 7.08% compared with that (5.80%) of the DSSC using a pure Pt CE because of the larger number of active sites with improved charge transferability and reduced interface resistance by matching work function with the I3‒/I‒ redox electrolyte. The inexpensive synthesis method, cost-effectiveness and superior catalytic activity of the Co20.85Se79.15 alloy may open up a new avenue for the development of CEs for DSSCs in the near future.