We investigated the optical properties of a dielectric-metal-dielectric (DMD) electrode in relation to the surface morphology of Ag. We intentionally modified the number of voids and the surface coverage of the Ag layer. Normal and oblique incident configurations for transmittance measurement were employed to establish the relations between the Ag morphology and optical transmittance of the DMD electrode. For the configuration of MoO3/Ag/MoO3 (MAM), variation in the surface morphology of the Ag minimized the light scattering loss and the absorption of photons. This could lead to 18.6% enhancement of the transmittance at λ = 550 nm. The optical out-coupling was also enhanced in OLEDs, which was based on the MAM anode incorporating the continuous Ag film.