In this study, high conductivity and transparent multi-layer (AZO/Al/AZO-/Al/AZO) source/drain (S/D) electrodes for thin film transistors were fabricated via conventional physical vapor deposition approaches, without toxic elements or further thermal annealing process. The 68 nm-thick multi-layer films with excellent optical properties (transparency: 82.64%), good electrical properties (resistivity: 6.64 × 10−5 Ω m, work function: 3.95 eV), and superior surface roughness (Rq = 0.757 nm with scanning area of 5 × 5 µm2) were fabricated as the S/D electrodes. Significantly, comprehensive performances of AZO films are enhanced by the insertion of ultra-thin Al layers. The optimal transparent TFT with this multi-layer S/D electrodes exhibited a decent electrical performance with a saturation mobility (µsat) of 3.2 cm2 V−1 s−1, an Ion/Ioff ratio of 1.59 × 106, a subthreshold swing of 1.05 V/decade. The contact resistance of AZO/Al/AZO/Al/AZO multi-layer electrodes is as low as 0.29 MΩ. Moreover, the average visible light transmittance of the unpatterned multi-layers constituting a whole transparent TFT could reach 72.5%. The high conductivity and transparent multi-layer S/D electrodes for transparent TFTs possessed great potential for the applications of the green and transparent displays industry.