We have demonstrated a facile sonication method to exfoliate graphite into few layer graphene with a high concentration of 1.3 mg/mL in oleic acid (OLA). The exfoliations of natural graphite in oleylamine (OA) and trioctylphosphine (TOP) are investigated as a comparison. The few layer graphene dispersion in OLA and the graphite nanoparticles in OA are confirmed by transmission electron microscopy (TEM) observation. The exfoliated graphene dispersion in OLA (OLA-G) and graphite dispersion in OA (OA-G) are fabricated into a film on the FTO substrate by the doctor-blading method. The morphology and catalytic activity in the redox couple regeneration of all the graphite films are examined by field emission scanning electron microscopy and cyclic voltammograms. The OLA-G films on FTO glass with few layer graphene flakes shows better catalytic activity than the OA-G films. The energy conversion efficiency of the cell with the OLA-G film as counter electrode reached 3.56%, which is 70% of dye-sensitized solar cell (DSSC) with the sputtering-Pt counter electrode under the same experimental condition.