A substrate for counter electrode of dye-sensitized solar cell is made of a composite material, which is prepared by: a) compounding vinyl ester and graphite powder to form bulk molding compound (BMC) material, the graphite powder content ranging from 60 wt % to 95 wt % based on the total weight of the graphite powder and vinyl ester, wherein 0.01-10 wt % of an electrically conductive filler, based on the weight of the vinyl ester resin, is optionally added during the compounding; b) molding the BMC material from step a) to form a substrate for the counter electrode having a desired shaped at 80-200° C. and 500-4000 psi.