We have investigated the characteristics of a silicon oxynitride/silver/silicon oxynitride [SiON/Ag/SiON] multilayer passivation grown using a specially designed roll-to-roll [R2R] sputtering system on a flexible polyethersulfone substrate. Optical, structural, and surface properties of the R2R grown SiON/Ag/SiON multilayer were investigated as a function of the SiON thickness at a constant Ag thickness of 12 nm. The flexible SiON/Ag/SiON multilayer has a high optical transmittance of 87.7% at optimized conditions due to the antireflection and surface plasmon effects in the oxide-metal-oxide structure. The water vapor transmission rate of the SiON/Ag/SiON multilayer is 0.031 g/m2 day at an optimized SiON thickness of 110 nm. This indicates that R2R grown SiON/Ag/SiON is a promising thin-film passivation for flexible organic light-emitting diodes and flexible organic photovoltaics due to its simple and low-temperature process.