We have conducted a detailed characterization of the optical properties of Mg-doped CuCrO2 (CuCrO2: Mg) in the terahertz (THz) frequency range. By utilizing CuCrO2: Mg as transparent electrodes, we have demonstrated the approach for developing high-transmittance and low-operative-voltage THz phase shifters by electrically tuning liquid crystals (LCs). Unlike traditional indium-tin-oxide thin films, we have applied 600 nm-thick CuCrO2: Mg thin films as transparent electrodes, and our results show that this material has great potential for THz photonics. Specifically, the transparent electrode with THz transmission of ∼92% reveals the feasibility of CuCrO2: Mg as a suitable material for THz photonics applications. The phase shifter scheme, which employs a ∼2.2 mm-thick cell, achieves a THz transmittance ∼70%, a phase shift of more than 2π at 1.0 THz can be achieved even for low driving voltages of 14 V(rms). By considering the figure of merit (FOM) of LCs phase modulators defined in this work, the device based on CuCrO2: Mg thin film shows an FOM value of 17.99; much higher than previously reported values. These results suggest that functional electrodes based on CuCrO2: Mg thin films are promising components of THz and 6 G devices.