In this paper, we demonstrate a novel optical characterization method for ultrathin semitransparent and absorbing materials through multispectral intensity and phase imaging. The method is based on a lateral-shearing interferometric microscopy (LIM) technique, where phase-shifting allows extraction of both the intensity and the phase of transmitted optical fields. To demonstrate the performance in characterizing semitransparent thin films, we fabricated and measured cupric oxide (CuO) seeded gold ultrathin metal films (UTMFs) with mass-equivalent thicknesses from 2 to 27 nm on fused silica substrates. The optical properties were modeled using multilayer thin film interference and a parametric model of their complex refractive indices. The UTMF samples were imaged in the spectral range from 475 to 750 nm using the proposed LIM technique, and the model parameters were fitted to the measured data in order to determine the respective complex refractive indices for varying thicknesses. Overall, by using the combined intensity and phase not only for imaging and quality control but also for determining the material properties, such as complex refractive indices, this technique demonstrates a high potential for the characterization of the optical properties, of (semi-) transparent thin films.