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We report stretchable metal-mesh transparent electrodes (TEs) with excellent electrical conductivity (2 Ω/sq) and optical transparency (80%) under up to 55% strain. The figures of merit on these electrodes, as defined as the ratio between electrical conductivity and optical conductivity, are among the highest reported for stretchable TEs under moderate stretching. Moreover, we demonstrate their application in a stretchable electroluminescent (EL) light-emitting film as top and bottom electrodes. EL lighting devices require low-resistance electrodes to unleash their potential for large-area low-power-consumption applications, in which our highly conductive and transparent stretchable TEs provide an edge on other competitor approaches. Importantly, our stretchable metal-mesh electrodes are fabricated through a vacuum-free solution-processed approach that is scalable for cost-effective mass production. We also investigate the fracture and fatigue mechanisms of stretchable metal-mesh electrodes with various mesh patterns and observe different behaviors under one-time and cyclic stretching conditions. Our solution-processed fabrication method, failure mechanism investigation, and device demonstration for metal-mesh stretchable TEs will facilitate the adoption of this promising high-performance approach in stretchable and wearable electronics applications.