A transparent absorber refers to the device which can absorb light strongly within a narrow frequency range but transmit light efficiently outside that range. Because of the contradiction between absorption and transmission, however, the performances of the transparent absorbers are usually compromised. In this work, we propose a transparent absorber based on a sandwiched metal-insulator-metal (MIM) structure, i.e., two perforated ultrathin metal films separated by a central dielectric layer. This structure has the advantage that the narrow-band absorption can be greatly enhanced because of the cooperation of surface-plasmon polariton (SPP) mode and multiple reflections in the dielectric cavity. Moreover, the ultrathin thickness of the stacked metal films enables high transmission when the wavelength of incident light deviates from the SPP resonance. A semi-analytical Fabry-Perot model has been employed to describe the optical properties, which agrees well with the simulation. The dependence of optical properties on the structural parameters has also been studied systematically. In addition, by covering the transparent absorber with an antireflection layer, highly efficient absorption of red (∼87% @ 629 nm), green (∼89% @ 524 nm), or blue (∼68% @ 472 nm) light and high transmission (∼80%) in the transparent region have been suggested. With its excellent visible-wavelength selective absorption, polarization independence, high angle-tolerance, and structural simplicity, the proposed MIM transparent absorber may have potential applications in the display technology and other smart scenarios.