A method for fabricating an array substrate for a liquid crystal display (LCD) is provided. A semiconductor layer and a transparent lower electrode formed on a substrate is provided and covered by a first dielectric layer serving as a gate dielectric layer and a capacitor dielectric layer. A gate electrode and an upper electrode comprising a transparent electrode portion and a metal electrode portion are formed on the first dielectric layer and covered by a second dielectric layer. A source/drain electrode, a planarization layer, and a pixel electrode are sequentially formed on the second dielectric layer, in which the source/drain electrode is electrically connected to the semiconductor layer through the first and second dielectric layers and the pixel electrode is electrically connected to the source/drain electrode through the planarization layer. An array substrate for an LCD is also disclosed.