In this study, we investigated the potential of multilayer TCO structures, specifically those made up of Indium Tin Oxide (ITO) and Indium Zinc Oxide (IZO), for crystalline silicon heterojunction solar cells (SHJ). We used the radiofrequency (RF) magnetron sputtering method to deposit various thin-film structures under various deposition temperatures and evaluated their electrical, optical, and morphological properties. The objective was to obtain films with lower sheet resistances and higher transmittances than those of single-layer thin films. Our results show that the ITO/IZO/ITO/IZO/ITO multilayer film structure deposited at 200 °C achieves the best sheet resistance of 18.5 Ohm/sq and a high optical transmittance of over 90% at a 550 nm wavelength. This indicates that multilayer TCO structures have the potential to be more optically and electrically efficient, and that they can improve the performance of optoelectronic devices. Finally, a power conversion efficiency of 17.46% was obtained for a silicon heterojunction (SHJ) solar cell fabricated using an ITO/IZO/ITO/IZO/ITO multilayer film structure deposited at 200 °C as a front TCO. Our study provides valuable insights into the field of TCOs and offers a promising avenue for future research.