Poly(3,4-ethylene dioxythiophene):poly(styrene sulfonate) (PEDOT:PSS) counter electrodes, doped with polyethylene glycol (PEG) and acetylene black as binding and conductivity promoting agent, were prepared by a simple mixing method for dye-sensitized solar cell. The electrochemical properties of the electrodes were characterized by cyclic voltammetry, electrochemical impedance spectroscopy (EIS), and Tafel polarization curves. Using PEG dopant, the electrocatalytic activity of PEDOT:PSS electrode was much improved, and further improved by adding a small amount of conducting acetylene black (0.2 wt%). The DSSC cells, using the PEDOT:PSS electrode with PEG (5 wt%) dopant and the composite electrode with PEG (5 wt%)/acetylene black, exhibited an energy conversion efficiency of 3.57 and 4.39 %, comparable with 4.50 % of the commonly used Pt electrode under the same experimental conditions. These results demonstrate that PEG-modified PEDOT:PSS counter electrode is promising to replace the expensive Pt for low cost DSSC, especially to meet the large-scale fabrication demands.