In this paper, we investigated a transparent conductive electrode (TCE) that satisfies electrical, optical, and mechanical properties, formed by depositing ultra-thin Ag metal in the form of a random grain boundary with an indium zinc oxide (IZO) layer on a PET substrate. Commonly used ITO electrodes are brittle and difficult to apply to flexible devices. In contrast, IZO-based electrodes are mechanically flexible and can be used as flexible TCE, and have high electrical and optical properties. A 90 nm thick IZO electrode has a transmittance of 90.2% at a wavelength of 460 nm and a sheet resistance of 29.5 ohm/sq. In particular, Ag metal was deposited in the form of an atypical metal island using an RF magnetron sputtering system. At 3 nm there were few metal clusters in the form of islands, and many void channels were formed, resulting in high sheet resistance as well as a decrease in optical transmittance. However, about 5 nm thickness, the number of void channels decreased and the optical path changed, improving the electrical and optical properties. Results showed that the sheet resistance was reduced to 19.8 ohm/sq, and the transmittance was also increased to 91.1%. The mechanical properties were also found to be the same for conventional IZO and Ag/IZO TCE.