The composite of perovskite-phase La0.7Sr0.3MnO3 nanoparticles anchored on nitrogen-doped grapheme (LCMO@N-rGO) was synthesized via a sol-gel method followed by hydrothermal reaction, and applied in dye-sensitized solar cells (DSSCs) as efficient and low-cost counter electrodes (CEs). LCMO@N-rGO nanocomposite shows an excellent electro-catalytic activity in the reaction of I-3(-) ions to I- ions and lower charge-transfer resistance (R-ct). The power conversion efficiency (PCE) of DSSCs with LCMO@N-rGO nanocomposites as the CEs reaches 7.89%, which is much higher than that obtained with the pristine LCMO as the CEs (6.46%), and exceeds the level of Pt CEs (7.43%) under the same experimental conditions. Therefore, LCMO@N-rGO nanocomposite is expected to be an environmentally friendly, low-cost, and highly efficient CE material for DSSCs.