Reflection(R($omega$)), transmission(T($omega$)) and loss(L($omega$)) characteristics of multi-layer metamaterials are investigated experimentally in free space with the incident EM waves perpendicular to the substrate plane. The sample is made of split-ring resonators(SRRs) and wires which are the typical model of metamaterials. The R($omega$) and T($omega$) of multi-layer metamaterials have been calculated from the measured S-parameters. In this paper, we got the impedance-matched result according to the curves of R($omega$), meanwhile the T($omega$) decreased with increasing number of layers. At last, we attained the result that the L($omega$) gets to nearly 98% around 8 GHz, with R($omega$)=T($omega$)=0. The design presented in this paper achieves experimented loss near unity.