This study proposed an alternative low-cost cathode material for the iodine-based redox mediator dye-sensitized solar cells (DSSCs). Silver and electrochemically reduced graphene oxide (Ag/ERGO) nanocomposite was coated on fluorine doped tin oxide (FTO) conductive glass and its electrocatalytic activity for the triiodide/iodine electrolyte in DSSC was investigated. Cyclic voltammograms confirmed the superior electrocatalytic activity of Ag/ERGO electrode than that of the graphene oxide (GO) or ERGO alone. The photoconversion efficiencies of the DSSCs equipped by Ag/ERGO cathode was found to be 4.24%. High open circuit potential (Voc=0.8 V) and perfect short circuit current density (Jsc=29.04 mA.cm-2) are of great features of these cells. Moreover, the electrochemical impedance spectroscopic (EIS) study was done by applying different potential on the device composed of Ag/ERGO counter electrode (CE).