The optical properties of dielectric-metal-dielectric (DMD) transparent electrodes are investigated from the perspectives of organic light-emitting diodes (OLEDs). A joint experimental and theoretical study showed that the optical characteristics of OLEDs based on DMD electrodes can be widely tuned to fulfill the requirements of a target application through careful control of the microcavity effect, transmittance of DMD electrodes, and a correlation of these two factors with the emission spectra of the emitted materials. Upon variation of the DMD structure, near-Lambertian emission and a 100% improvement in the luminous efficiency are demonstrated, respectively. Optimization strategies are also discussed that are relevant to forward luminous efficiency, total optical power, and angular/ spectral characteristics.