A graphene-based nanosheet composite/multiwalled carbon nanotube/polyaniline (GNS/MWCNT/PANI) was synthesized via an in situ polymerization technique and applied by the spin-coating method as a counter electrode (CE) in dye-sensitized solar cells (DSSCs). The combination of the high catalytic activity of PANI and outstanding conductivity of GNS/MWCNT improved the photovoltaic performance of the hybrid CE. The cyclic voltammetry (CV) and electrochemical impedance spectroscopy (EIS) showed that the GNS/MWCNT/PANI composite has high catalytic activity for the reduction of triiodide to iodide and low charge-transfer resistance at the electrolyte/electrode interface. Transmission electron microscopy (TEM) images showed that the GNS/MWCNT/PANI-CE has a rough and porous structure and X-ray diffraction analysis confirmed the formation of PANI coating on the surface of the GNS/CNT. In particular, current-voltage measurements showed the superior power conversion efficiency (PCE) of 7.52% of the DSSC based on GNS/MWCNT/PANI-CE compared to the PCE of 6.69% of the DSSC based on Pt-CE.