Sol-gel preparation of transparent conducting ZnO/Cu/ZnO multilayer thin films has been investigated. CuO thin films were deposited on glass substrates via a dip-coating method. The CuO thin films were further subjected to reductive annealing in hydrogen to form highly conductive Cu thin films with sheet resistances as low as 10 Ω/□. ZnO/Cu/ZnO multilayers were successfully prepared in a similar way by reducing ZnO/CuO/ZnO. The sheet resistance of the ZnO/Cu/ZnO multilayer thin films is about 10 kΩ/□, which is much higher than that of the pure Cu thin films. The formation of large discrete Cu crystallites in the multilayers explains the poor electrical conductivity of the sol-gel-derived ZnO/Cu/ZnO multilayers.