In recent years, many semiconductor materials with unique band structures have been used as Pt counter electrode (CE) substitutes for dye-sensitized solar cells (DSSCs), which makes the photoelectric properties of DSSCs possible to be modulated by electric field, magnetic field, and light field. In this work, La0.67(Ca Ba)0.33MnO3 (LCBMO) thin film is employed to act as CE in DSSCs. The experimental results indicate that short-circuit current density and photoelectric conversion efficiency present better stability when applying an external magnetic field to the DSSCs. Furthermore, both the exchange current density (J0) and limit diffusion current density (Jlim) are largely enhanced by an external magnetic field. J0 increases from -0.51 mA•cm-2 to -0.65 mA•cm-2, and Jlim increases from 0.2 mA•cm-2 to 0.3 mA•cm-2 when applying a magnetic field of 0.25 T. The fitting results of the impedance test verify that the magnetic field reduces the value of Rct. Both magnetic-field enhancing catalytic activity and CMR effect jointly promote the increase of photocurrent and finally improve the photovoltaic effect in DSSCs.