It is common knowledge that using different oxygen contents in the working gas during sputtering deposition results in fabrication of indium zinc oxide (IZO) films with a wide range of optoelectronic properties. It is also important that high deposition temperature is not required to achieve excellent transparent electrode quality in the IZO films. Modulation of the oxygen content in the working gas during RF sputtering of IZO ceramic targets was used to deposit IZO-based multilayers in which the ultrathin IZO unit layers with high electron mobility (μ-IZO) alternate with ones characterized by high concentration of free electrons (n-IZO). As a result of optimizing the thicknesses of each type of unit layer, low-temperature 400 nm thick IZO multilayers with excellent transparent electrode quality, indicated by the low sheet resistance (R≤ 8 Ω/sq.) with high transmittance in the visible range (T¯> 83%) and a very flat multilayer surface, were obtained.