WO3 nanocomposite thin films, in which metal nanoparticles are incorporated into a WO3 matrix, offer an enhanced electrochromic response speed with color neutrality. This article reports the structural, optical, and electrochemical properties of Ag nanoparticle-incorporated electrochromic WO3 thin films with different concentrations. Room-temperature-sputtered thin films using composite targets with a low Ag concentration exhibited a random distribution of small nanoparticles. In contrast, in the film with a higher Ag concentration, the particles were merged, resulting in a single or polycrystalline phase. Surface plasmon resonance peaks were observed in the absorption spectra of the Ag–WO3 composite films, indicating the formation of metallic nanoparticles, which was also confirmed via high-resolution transmission electron microscopy. The optical bandgaps decreased gradually from 3.15 eV for WO3-δ to 3.02 and 2.99 eV for W0.97Ag0.03O3-δ and W0.91Ag0.09O3-δ thin films, respectively. The W0.91Ag0.09O3-δ thin film showed a faster switching time of 2.6 s for coloring and 4.8 s for bleaching with a higher coloration efficiency of 66.52 cm2/C than those of the WO3-δ thin film, which were 3.8 s, 6.8 s, and 58.68 cm2/C, respectively. However, transmittance modulation in the W0.91Ag0.09O3-δ thin film was inferior to that in the other films. Furthermore, the W0.91Ag0.09O3-δ thin films were black in the colored state, whereas the bare WO3-δ and W0.97Ag0.03O3-δ thin films were Prussian blue, suggesting the realization of color neutrality through the incorporation of Ag nanoparticles.