Cu0.5Ag0.5InSe2 (CAIS) thin films were deposited on a glass substrate by sequential sputtering of Cu, Ag, and In2Se3-stacked film layers. Structural characterization showed that the deposited CAIS film satisfies nearly the stoichiometric form with uniform and homogeneous surface structure. The single-phase polycrystalline behavior without any secondary-phase formation was observed from the diffraction profile. The optical properties were investigated using temperature-dependent transmission measurements in the wavelength region of 600-1100 nm and in between 10 and 300 K. In the region of interest, the transmission spectra shifted towards the higher wavelengths as a result of an increase in the sample temperature. The analysis of the absorption data based on the transmission spectra resulted in absorption coefficient values of around 10(5) cm(-1) and the presence of direct allowed optical transition. From the Tauc plots, CAIS samples were found to have three distinct direct optical transitions depending on the possible splitting in the valence band. The obtained room temperature uppermost band gap energy value of 1.09 eV was found in the energy limit of ternary analogues (CuInSe2 and AgInSe2), and also in a good agreement with the previous works in the literature. The dependency of the band gap energy on the temperature was analyzed using fundamental relations. In addition, the electrical characteristics of the film layer were discussed in four-contact conductivity measurements, and room temperature conductivity was observed as 0.8 ohm(-1) cm(-1). Additionally, two activation energy values were found in the temperature-dependent conductivity profile. As a diode application, CAIS/Si heterojunction was fabricated and the main diode parameters were extracted at dark and room temperature conditions.