Various band structure engineering methods have been studied to improve the performance of graphitic transparent conductors; however, none has demonstrated an increase of optical transmittance in the visible range. Here we measure in situ optical transmittance spectra and electrical transport properties of ultrathin graphite (3-60 graphene layers) simultaneously during electrochemical lithiation/delithiation. On intercalation, we observe an increase of both optical transmittance (up to twofold) and electrical conductivity (up to two orders of magnitude), strikingly different from other materials. Transmission as high as 91.7% with a sheet resistance of 3.0 Ω per square is achieved for 19-layer LiC6, which corresponds to a figure of merit σ(dc)/σ(opt) = 1,400, significantly higher than any other continuous transparent electrodes. The unconventional modification of ultrathin graphite optoelectronic properties is explained by the suppression of interband optical transitions and a small intraband Drude conductivity near the interband edge. Our techniques enable investigation of other aspects of intercalation in nanostructures.