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Highly transparent indium-free composite electrodes of TiO2/Cu/TiO2 are deposited by electron-beam evaporation at room temperature. The effects of Cu thickness and annealing temperature on the electrical and optical properties of the multilayer film are investigated. The critical thickness of Cu mid-layer to form a continuous conducting layer is found to be 11 nm. The multilayer with a mid-Cu thickness of 11 nm is optimized to obtain a resistivity of 7.4×10?5 ?·cm and an average optical transmittance of 86%in the visible spectral range. The figure of merit of the TiO2/Cu(11 nm)/TiO2 multilayer annealed at 150 ?C reaches a minimum resistivity of 5.9×10?5 ?·cm and an average optical transmittance of 88%in the visible spectral range. The experimental results indicate that TiO2/Cu/TiO2 multilayers can be used as a transparent electrode for solar cell and other display applications.