Photovoltaic properties of RuII(4,7-diphenyl-1,10-phenanthroline-disulfonic acid disodium salt)-bis(2,2′-bipyridine), [Ru(L1)(bpy)2](PF6)2, [K403] related to its adsorption behaviour onto the nanoporous titanium oxide are investigated in association with its water-soluble structure thanks to disulfonic acid disodium salt groups. Dye sensitized solar cell is fabricated from aqueous solution of water-soluble ruthenium complex. Devices are fabricated in a sandwich geometry using PEDOT:PSS counter electrode versus platinum counter electrode. Poly(3,4-ethylendioxythiophene)-poly(styrene sulfonate) (PEDOT:PSS) is coated on FTO conducting glass substrate by spin coating process and used as dye sensitized solar cell’s counter electrode. Our device performance results show that PEDOT:PSS counter electrode in DSSC has reasonably good catalytic activity and can be used instead of platinum counter electrode. The energy conversion efficiency is significantly favourable for DSSC using PEDOT:PSS counter electrode. The optical and electrochemical behaviours of K403 are studied. Also cyclic voltammograms and estimated by density functional theory studies (DFT) are studied for calculating EHomo and ELumo energy levels of ruthenium complex.