This research study thoroughly examines the optimal thickness of indium tin oxide (ITO), a transparent electrode, for near-ultraviolet (NUV) light-emitting diodes (LEDs) based on InGaN/AlGaInN materials. A range of ITO thicknesses from 30 to 170 nm is investigated, and annealing processes are performed to determine the most favorable figure of merit (FOM) by balancing transmittance and sheet resistance in the NUV region. Among the films of different thicknesses, an ITO film measuring 110 nm, annealed at 550 °C for 1 min, demonstrates the highest FOM. This film exhibits notable characteristics, including 89.0% transmittance at 385 nm, a sheet resistance of 131 Ω/□, and a contact resistance of 3.1 × 10−3Ω·cm2. Comparing the performance of NUV LEDs using ITO films of various thicknesses (30, 50, 70, 90, 130, 150, and 170 nm), it is observed that the NUV LED employing ITO with a thickness of 110 nm achieves a maximum 48% increase in light output power at 50 mA while maintaining the same forward voltage at 20 mA.