We report here on the use of pulsed KrF-laser deposition technique (PLD) for the decoration of Multiwall carbon nanotubes (MWCNTs) by Co-Ni nanoparticles (NPs) to form highly efficient counter electrodes (CEs) for use in Dye-sensitized solar cells (DSSC). By varying the number of laser ablation pulses (N LP = 500-60,000) of the KrF laser, we were able to control the average size of the Co-Ni NPs and the surface coverage of the MWCNTs by the nanoparticles. The PLD-based decoration of MWCNTs by Co-Ni NPs is shown to form novel counter electrodes, which significantly enhance the power conversion efficiency (PCE) of the DSSCs. Indeed, the DSSCs based on the PLD-decorated Co-Ni counter electrodes (obtained at the optimal N LP = 40,000) are shown to exhibit a PCE value as high as 6.68%, with high short circuit current (J sc = 14.68 mA/cm2 ) and open circuit voltage (V oc = 0.63 V). This represents a PCE improvement of *190% in comparison to the DSSCs with pristine MWCNTs (PCE = 2.3%) and *7.4% PCE increase than that of the conventional DSSC made with a sputtered Platinum-based counter electrode. By systematically investigating the local nanostructure of the Co-Ni decorated CEs, we found that the Co-Ni NPs layer exhibits a porous cauliflower-like morphology, of which surface roughness (RMS) is N LP dependent. Interestingly, both PCE and roughness of the Co-Ni NPs layer are found to exhibit the same N LP dependence, with a maximum located around the optimal N LP value of 40,000. This enabled us to establish, for the first time, a linear correlation between the achieved PCE of DSSCs and the local roughness of their CEs decorated by Co-Ni NPs. Such a correlation highlights the importance of maximizing the surface area of the CoNi coated MWCNTs on the CEs to enhance the PCE of the DSSCs. Finally, Ultra-violet Photoelectron Spectroscopy (UPS) measurements revealed a significant decrease in the local work function (U) of Co-Ni NPs decorated MWCNTs based CEs (at N LP = 40,000, U = 3.9 eV) with respect to that of either pristine MWCNTs (U = 4.8 eV) or sputtered-Pt (U = 4.3 eV) counter-electrodes. This U lowering of the Co-Ni/MWCNTs based CEs is an additional advantage to enhance the catalytic reaction of the redox couple of the electrolyte solution, and improve thereby the PCE of the DSSCs.