Thin film transistors (TFTs) with aluminum and phosphorus co-doped indium-zinc-oxide (IZO:Al,P) channel layer were fabricated by the radio frequency (RF) magnetron sputtering. The IZO:Al,P films were amorphous and highly transparent with exceed 80% transmittance in visible region. High performance IZO:Al,P TFTs have been observed due to the incorporation of Al and P, which serve as an inhibitor against oxygen vacancies and carrier. The electrical properties of IZO:Al,P TFTs were investigated as function of annealing temperatures. The IZO:Al,P TFTs have achieved superior performance (threshold voltage (VTH) of 0.8 V, on-state current (ION) of 1.6 × 10-3 A, off-state current (IOFF) of 2.2 × 10-12 A, µSAT of 39.2 cm2/V∙s and subthreshold swing (S.S.) of 0.68 V/dec.) under the annealing temperature as low as 300 °C.