A new type of ionic liquid that contains a nitroxide radical (NO.) and iodide as two redox couples, JC-IL, has been successfully synthesized for high-performance dye-sensitized solar cells (DSSCs). Both of the redox couples exhibit distinct redox potentials and attractive electrochemical characteristics. The UV/Vis absorption spectra of JC-IL shows a low-intensity peak compared to the strong absorption of I2 in the wavelength region of 350–500 nm. The high open-circuit voltage of DSSCs with JC-IL is over 850 mV, which is approximately 150 mV higher than that of the DSSCs with a standard iodide electrolyte. The dramatic increase in the standard heterogeneous electron-transfer rate constant leads to an increase in the short-circuit current for JC-IL compared to that of 2,2,6,6-tetramethylpiperidin-N-oxyl (TEMPO). DSSCs with the JC-IL electrolyte show promising cell efficiencies if coupled with dyes CR147 (8.12 %) or D149 (6.76 %). The efficiencies of the DSSCs based on the JC-IL electrolyte are higher than those of DSSCs based on either TEMPO electrolyte or standard iodide electrolyte alone.