Disclosed herein are a metal oxide paste composition comprising a carboxylic ester dispersant and/or a phosphate dispersant, and a method for manufacturing a semiconductor electrode for solar cells using the same. The disclosed metal oxide paste composition improves the dispersibility of metal oxide nanoparticles. Thus, if it is used to manufacture a semiconductor electrode for solar cells, it will allow the increased adsorption of a dye, thus improving the photoelectric efficiency of the resulting solar cell.