A novel tungsten disulfide-molybdenum copper oxide composite supported with graphene quantum dots (WM@GQDs) has been synthesized as a counter electrode (CE) for dye-sensitized solar cells (DSSCs) using a simple and low-cost ultrasonication method. The unique structure of WM@GQDs exhibits excellent power conversion efficiency due to its high catalytic activity and charge transport properties. In addition, the graphene quantum dots (GQDs) provide more active sites in the zero-dimensional materials for an I/I3−redox reaction which can improve the electrical and optical properties of the composite. The results indicate that the amount of GQDs in the composite affect the effectiveness of solar devices. When 0.9%wt of GQDs was used, the WM@GQDs composite achieved an efficiency of 10.38%, which is higher than that of the expensive platinum CE under the same conditions. The mechanism behind the improved power conversion efficiency (PCE) of the composite sample is also discussed in detail. Therefore, WM@GQDs can be an efficient material to replace platinum in DSSCs as a CE.