The optical and electrical properties of oxide–metal–oxide (OMO) multilayers composed of silver and either indium zinc oxide (IZO) or indium tin oxide (ITO), have been compared. Both the ITO and IZO-containing layers were deposited by sputtering at room temperature. Compared with the ITO layer, the IZO layer displayed a smoother, flatter surface. Due to the resulting smooth interface between IZO and Ag, the IZO OMO multilayers showed a high optical transmittance (ca. 90%) and high Hall mobility (12.49–21.37 cm2 v−1 s−1, depending on Ag thickness). This result suggests that IZO is a promising indium oxide-based material for OMO applications.