We report on the formation of highly transparent and low conductance TiO₂/Ag/TiO₂ multilayer films with high figure of merit (FOM). The optical and electrical properties of the multilayer films were investigated as a function of Ag layer thickness. As the Ag thickness increased, the transmission window narrowed and the transmittance was gradually lowered. The TiO₂/Ag/TiO₂ multilayer films have the highest transmittance of 86.3–97% at 591 nm for different Ag thicknesses. The relationship between transmittance and TiO₂ thickness was simulated using the scattering matrix method to understand the abnormally high transmittance. As the Ag thickness increased from 15 to 25 nm, the carrier concentration of the TiO₂/Ag/TiO₂ samples gradually increased from 6.18×10²¹ to 1.07×10²² cm⁻³ and the mobility also increased from 16.7 to 25.2 cm²/V-s. Meanwhile, the sheet resistance slightly decreased from 6.17 to 2.27 Ω⧸sq with the Ag thickness. The TiO₂/Ag/TiO₂ multilayer (with Ag thicknesses of 17–21 nm) had Haacke׳s FOMs of 121×10⁻³–157.2×10^–3 Ω⁻¹.