We report on transparent and highly conductive multilayer electrodes prepared at room temperature by RF sputtering of zinc tin oxide (ZTO) and thermal evaporation of ultrathin silver (Ag) as top contact for transparent organic light emitting diodes (TOLED). Specifically, we study the morphological, electrical and optical properties of the multilayer structure in particular of the thin Ag film. The tendency of Ag to form agglomerates over time on top of ZTO is shown by atomic force microscopy. From the optical constants derived from ellipsometric measurements we evidenced a bulk like behavior of an Ag film with a thickness of 8 nm embedded in ZTO leading to a low sheet resistance of 9 Omega/sq. Furthermore we verify the optical constants by simulation of an optimized ZTO/Ag/ZTO structure. As an application we present a highly efficient TOLED providing a device transmittance of > 82% in the visible part of the spectrum. The TOLED shows no damage caused by sputtering on a lighting area of 80 mm(2) and exhibits efficiencies of 43 cd/A and 36 lm/W. (C) 2011 Elsevier B.V. All rights reserved.