The present disclosure relates to an oxide thin film transistor and a fabricating method thereof. In the oxide thin film transistor, which uses amorphous zinc oxide (ZnO) semiconductor as an active layer, damage to the oxide semiconductor due to dry etching may be minimized by forming source and drain electrodes in a multilayered structure having at least two layers, and improving stability and reliability of a device by employing a dual passivation layer structure, which includes a lower layer for overcoming an oxygen deficiency and an upper layer to minimize effects of an external environment on the multilayered source and drain electrodes.