Multilayer transparent electrodes based on a dielectric-metal-dielectric structure are explored as an effective alternative to indium tin oxide (ITO) electrodes that can lead to ITO-free or highly flexible organic photovoltaic (OPV) cells with a performance comparable to conventional cells. The role of each layer in multilayer electrodes is discussed with an emphasis on the potential role of inner dielectric layer as a buffer layer, and the optimization strategy considering the overall optical structure is provided. Experimental results showing the OPV performance under dynamic flexibility test are also provided as a function of the number of bending cycles.