We report that significantly more transparent yet comparably conductive AgOx films, when compared to Ag films, are synthesized by the inclusion of a remarkably small amount of oxygen (i.e., 2 or 3 atom %) in thin Ag films. An 8 nm thick AgOx (O/Ag=2.4 atom %) film embedded between 30 nm thick ITO films (ITO/AgOx/ITO) achieves a transmittance improvement of 30% when compared to a conventional ITO/Ag/ITO electrode with the same configuration by retaining the sheet resistance in the range of 10-20 Ω sq(-1). The high transmittance provides an excellent opportunity to improve the power-conversion efficiency of organic solar cells (OSCs) by successfully matching the transmittance spectral range of the electrode to the optimal absorption region of low band gap photoactive polymers, which is highly limited in OSCs utilizing conventional ITO/Ag/ITO electrodes. An improvement of the power-conversion efficiency from 4.72 to 5.88% is achieved from highly flexible organic solar cells (OSCs) fabricated on poly(ethylene terephthalate) polymer substrates by replacing the conventional ITO/Ag/ITO electrode with the ITO/AgOx/ITO electrode. This novel transparent electrode can facilitate a cost-effective, high-throughput, room-temperature fabrication solution for producing large-area flexible OSCs on heat-sensitive polymer substrates with excellent power-conversion efficiencies.