Dielectric films of ZrO2,TiO2, and SiO2 were deposited on flexible polycarbonate (PC) and polyethylene terephthalate (PET) substrates by using ion-beam-assisted deposition (IBAD). Each layer had a thickness ranging from 30 to 210 nm. The optical and anisotropic stress properties were investigated. Two anti-reflective coatings (ARCs), ZrO2/SiO2 and TiO2/SiO2, were selected and deposited on the PET flexible substrate. The anisotropic stresses of the single layer and ARCs were measured using a phase-shifting moiré interferometer. Experimental results showed that the optimal oxygen flow rates for the ZrO2,TiO2, and SiO2 films deposited with IBAD were 10, 10, and 15 sccm, respectively. The refractive index (n) was TiO2(2.37)>ZrO2(2.05)>SiO2(1.46), and the extinction coefficient (k) for all samples was below 10−3. The thermal expansion coefficient of the PC substrate was three times that of the PET substrate, and the high-refraction ZrO2 and TiO2 single-layer films presented cracks and distortions on the PC substrate. Only the low-refractive-index SiO2 sample did not present cracks. The three dielectric films did not crack or distort when deposited on the PET substrate. The anisotropic stress analysis provided the maximum principal and shear stresses for the three dielectric films on the PET substrate. Therefore, the maximum principal stress of the 210 nm single-layer film on a PET substrate is TiO2>ZrO2>SiO2. It was also discovered that the principal stress of the AR multilayer film is significantly decreased due to the damping stacking effect (DSE) of the high- and low-refractive-index materials, ZrO2/SiO2 ARC (−297.3MPa)>TiO2/SiO2ARC(−132.6MPa). Thus, the high packing density of TiO2 gives a better DSE than ZrO2.