A solution-processed multicomponent oxide, yttrium hafnium zinc oxide (YHZO), was synthesized and deposited as a gate insulator. The YHZO film annealed at $600^{circ}C$ contained an amorphous phase based on the results of thermogravimetry, differential thermal analysis, and X-ray diffraction. The electrical characteristics of the YHZO film were analyzed by measuring the leakage current. The high dielectric constant (16.4) and high breakdown voltage (71.6 V) of the YHZO films resulted from the characteristics of $HfO_2$ and $Y_2O_3$, respectively. To examine if YHZO can be applied to thin-film transistors (TFTs), indium gallium zinc oxide TFTs with a YHZO gate insulator were also fabricated. The desirable characteristics of the YHZO films when used as a gate insulator show that the limitations of the general binary-oxide-based materials and of the conventional vacuum processes can be overcome.