Multilayer coatings consisting of thin silver layers sandwiched between layers of transparent conducting metal oxides are investigated from the view point of low-resistance electrodes for use in flat panel displays, solar cells, etc. ZnO/Ag/ZnO multilayer films were prepared on glass substrates by simultaneous RF magnetron sputtering of ZnO and dc magnetron sputtering of Ag. Optimization of the deposition conditions of both ZnO layers and metallic layers were performed for better electrical and optical properties. The structural, electrical and optical properties of the films (deposited at room temperature, different substrate temperature and annealed at different conditions) were characterized with various techniques. We could not produce high-quality transparent conductive electrodes simply by annealing at various temperatures. However, improved electrical properties and a considerable shift in the transmittance curves was observed after heat treatment. The experimental results show that the electrical resistivity of as-grown films can be decreased to 10(-5) Omega cm level with post-annealing at 400 degrees C for 2 h in vacuum atmosphere. After beat treatment, the sheet resistance was reduced as much as 20% which was due to the increased grain size of Ag film. The samples beat treated at 200-400 degrees C under vacuum or nitrogen atmosphere showed the best electrical properties. The key to the superior electrical and optical properties of the multilayer is the optimization of growth conditions of the silver layer by careful control of the oxide properties and the use of appropriate annealing temperature and atmosphere. (c) 2006 Elsevier B.V. All rights reserved.