The multi-layer electrode (ZnS/Ag/MoO3) was optimized by investigating the formation of a continuous Ag thin film according to the base layer. The aggregation of the Ag atom was strictly limited on the ZnS layer, which showed the best thermal stability for Ag. The thermally evaporated 7-nm-thick Ag film with surface coverage of 99.6% was achieved on the ZnS layer. We fabricated the ZnS (25 nm)/Ag (7 nm)/MoO3 (5 nm) (Z25A7M5) multi-layer electrode, optimized through the numerical calculation. The transmittance of 83% at lambda = 550 nm and sheet resistance of 9.6 Ohm/sq were recorded from the Z25A7M5 electrode. These results were mainly attributed to the uniform film-like morphology of the Ag thin film. The flexible OLEDs, based on the Z25A7M5 anode also showed feasible I-V-L characteristics compared to those of ITO-based devices. (C) 2013 Elsevier B. V. All rights reserved.