Unique ZnS nanobuns decorated with reduced graphene oxide (RGO) was synthesized and found to exhibit a synergetic effect as a highly efficient and low-cost counter electrode (CE) in dye-sensitized solar cells (DSCs). Using this ZnS-RGO CE, a power conversion efficiency (PCE) of 7.03% was achieved. This value was 53% and 41% higher than those of pure ZnS and RGO CEs, respectively. The ZnS-RGO nanocomposite is indeed an efficient and cost-effective Pt-like alternative for iodine reduction reaction.