A transparent metamaterial absorber (MMA) with both tunable absorption bandwidth and low infrared (IR) emissivity is proposed in this paper. The MMA is hierarchical, which consists of an infrared shielding layer (IRSL), two radar-absorption layers (RALs), an air/water layer, and an indium–tin–oxide (ITO) backplane from the top downwards. The IRSL and the RALs are made of ITO patterns etched on polyethylene terephthalate (PET) substrates. By changing the thickness of the water, the 90% absorption bandwidth can be tuned from 6.4–11.3 GHz to 12.7–20.6 GHz, while retaining good polarization and angular stability. An equivalent circuit model (ECM) is present, to reveal the physical mechanism of absorption. The proposed MMA has a low theoretical IR emissivity of about 0.24. A sample was fabricated and measured, and the experimental results are consistent with the simulation results, showing its potential applications in stealth glass and multifunctional radome.