By inserting a very thin layer of Ag between two layers of amorphous indium zinc tin oxide (IZTO), we fabricated a highly flexible, low resistance, and highly transparent IZTO-Ag-IZTO multilayer electrode on a polyethylene terephthalate (PET) substrate. Due to surface plasmon resonance (SPR) effects and the ductility of the Ag layer, the IZTO-Ag-IZTO electrode exhibited a low sheet resistance of 4.99Ω∕sq. and a high transparency of 86% as well as superior flexibility despite the very thin thickness of the IZTO layer (30nm). It was found that the transition of the Ag layer from distinct islands to a continuous film occurred at a critical thickness (∼14nm). Continuity of the Ag film is very important for SPR in IZTO-Ag-IZTO electrode. The current density-voltage-luminance characteristics of flexible organic light emitting diodes (OLEDs) fabricated on IZTO-Ag-IZTO/PET were better than those of flexible OLEDs fabricated on an ITO/PET substrate due to the low sheet resistance and high work function of the IZTO.