Bare and Ag@Sm-codoped ZnO nanobullets have been synthesized via a one-step hydrothermal technique with a 1-weight ratio of Sm and a variable 0.5–1.5 weight ratio of Ag. To investigate the actual role played by codoping, a comparative study of bare and Ag@Sm-codoped ZnO nanobullets to nanowires is carried out. The behavior of predicted simulation results and experimental results is the same. X-ray diffraction (XRD) patterns revealed that the nanobullets have grown along the (002) Bragg plane. The (002) peak positions of all codoped samples move towards the lower angle side compared with bare ZnO. The field emission scanning electron microscopy (FE-SEM) results of bare and 1 wt.% of Sm and 0.5 wt.%, 1.0 wt.%, and 1.5 wt.% of Ag codoped ZnO shows open-ended nanobullets with altered morphology from the nanobullets shape to an irregular nanowire shape with larger length and diameter. By increasing the doping content, the average diameter and size of nanowires increase, and the density of nanowires slightly decreases. The as-grown nanobullets to nanowire films were used as photo-electrodes in fabricating dye-sensitized solar cells (DSSCs). The cell made using a bare ZnO photoanode shows an overall power conversion efficiency (PCE) of 0.91%, and the cell made with 1 wt.% of Sm and 1.5 wt.% of Ag codoped ZnO photoanode shows a PCE of 4.43%, which is about 80% higher than that of the DSSC fabricated with bare ZnO. This increase in power conversion is either owing to rare-earth ions doping, which escalates the absorption of light in the wide range of the solar spectrum by up and down conversion, or because of the doping of Ag ions, which reduces the recombination of photo-generated electrons and boosts the high charge carrier mobility. These results show that high-power conversion DSSCs can be fabricated by modifying ZnO photoanodes with Ag and Sm.