Dye-sensitized solar cell (DSSC) is a promising solution to global energy and environmental problems because of its merits on clean, cost-effectiveness, relatively high efficiency, and easy fabrication. However, the reduction of fabrication cost without sacrifice of power conversion efficiencies of the DSSCs is a golden rule for their commercialization. Here we design a new binary ruthenium selenide (Ru-Se) alloy counter electrodes (CEs) by a low-temperature hydrothermal reduction method. The electrochemical behaviors are evaluated by cyclic voltammogram, electrochemical impedance, and Tafel measurements, giving an optimized Ru/Se molar ratio of 1:1. The DSSC device with RuSe alloy CE achieves a power conversion efficiency of 7.15%, which is higher than 5.79% from Pt-only CE based DSSC. The new concept, easy process along with promising results provide a new approach for reducing cost but enhancing photovoltaic performances of DSSCs. (C) 2014 Elsevier B.V. All rights reserved.