High-power flip-chip light-emitting diodes (FCLEDs) suffer from low efficiencies because of poor p-type reflective ohmic contact and severe current crowding. Here, we show that it is possible to improve both the light extraction efficiency (LEE) and current spreading of an FCLED by incorporating a highly reflective metallic reflector made from silver (Ag). The reflector, which consists of an Ag film covered by three pairs of TiW/Pt multilayers, demonstrates high reflectance of 95.0% at 460 nm at arbitrary angles of incidence. Our numerical simulation and experimental results reveal that the FCLED with Ag-based reflector exhibits higher LEE and better current spreading than the FCLED with indium-tin oxide (ITO)/distributed Bragg reflector (DBR).