The multiplicity of tax system has made it very imperative for banks to take conscious effort to reduce tax liabilities by engaging in cost cutting strategies. This study therefore was carried out to ascertain the effect of corporate tax shield on earnings multiple of deposit money banks listed on the Nigerian Exchange Group for the period 2014 to 2023. The independent variable of this study being corporate tax shield was proxied by debt tax shield, depreciation tax shield and charitable donation tax shield while the dependent variable was earnings multiple. The research design adopted for this study was ex post facto, secondary data were used. The population of the study was 13 listed deposit money banks in Nigeria while the sample size of 11 deposit money banks was purposively selected. The data were analysed tested using the robust fixed effects generalized least square regression and the statistical package employed was STATA version 14.2. The result of the analysis revealed that debt tax shield has a significant positive effect on earnings multiple; depreciation tax shield has nonsignificant effect on earnings multiple; charitable donations tax shield has significant negative effect on earnings multiple of listed deposit money banks in Nigeria. Thus, it was concluded that tax shield has significant effect on earnings multiple of listed deposit money banks in Nigeria. Based on these findings, it was recommended among others that the management of listed deposit money banks in Nigeria should leverage debt financing to reduce their tax liability and increase their earnings multiple. This can be achieved by increasing debt financing in their capital structure and taking advantage of interest deductions on debt