Herein, we report a new organic/Ag/organic (OAO) multilayer flexible transparent electrode fabricated a thermal evaporation process. This OAO electrode showed superior optical and electrical characteristics of which transmittance of 81.34% at 550 nm wavelength and low sheet resistance of 9.51 Ω/sq. Its flexible reliability is also very excellent as sheet resistance variation at the radius of curvature of 5 mm with bending cycles of 2,000 is negligible. Fabricated green phosphorescent organic light emitting diodes with this OAO electrode showed high current efficiency of 75.1 cd/A.