This work focuses upon the effects of electrolyte composition, specifically the role of Li+ and I− ions, on the resultant photovoltaic performance of dye-sensitized solar cells (DSCs) based on a new Os(II) polypyridine complex of mixed denticity, [Os(
t
Bu3tpy)(dcbpyH2)(NCS)]PF6 (1). Photophysical and electrochemical characterization of 1 confirmed the suitability of this dye to serve as a sensitizer for regenerative DSCs on mesoscopic titania films. Device photovoltaic performances were assessed by measuring external quantum efficiencies as a function of wavelength, and current−voltage curves, the latter under simulated AM1.5G one-sun illumination. Varying the concentration of LiI in the redox electrolyte affects the short-circuit photocurrent (J
SC), open-circuit voltage (V
OC), fill factor (ff), power conversion efficiency (η), and external quantum efficiency (EQE) of the individual devices. Increasing the concentration of LiI results in enormous increases in J
SC in the Os(II)-based devices accompanied by corresponding decreases in V
OC. Independently increasing the concentration of I− by using either tetrabutylammonium iodide (TBAI) or the ionic liquid 1-n-propyl-3-methylimidazolium iodide (PMII) was found to increase J
SC without concomitantly lowering the V
OC. These observations are discussed and directly compared in parallel to devices based on the benchmark sensitizer N3, cis-Ru(dcbpyH2)2(NCS)2. The combined results suggest that the photovoltaic performance of Os(II)-based DSCs can indeed be optimized by simply modifying the composition of redox electrolytes used in the operational sandwich cells. An abundance of I− appears to be crucial for the effective regeneration of oxidized surface-bound osmium sensitizers and therefore for the production of higher photocurrents in these devices. We note that select devices based on 1 represent the record power conversion efficiency for an Os(II)-based DSC measured under simulated AM1.5G one-sun illumination, η = 4.7%.