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). As a result, the external quantum efficiency (EQE) of FCLED with Ag-based reflector was 6.0% higher than that of FCLED with ITO/DBR at 750 mA injection current. Our work also suggests that the EQE of FCLED with the Ag-based reflector could be further enhanced 5.2% by replacing the finger-like n-electrodes with three-dimensional (3D) vias n-electrodes, which spread the injection current uniformly over the entire light-emitting active region. This study paves the way towards higher-performance LED technology.