We demonstrate theoretically that electromagnetically induced transparency can be achieved in metamaterials, in which electromagnetic radiation is interacting resonantly with mesoscopic oscillators rather than with atoms. We describe novel metamaterial designs that can support a full dark resonant state upon interaction with an electromagnetic beam and we present results of its frequency-dependent effective permeability and permittivity. These results, showing a transparency window with extremely low absorption and strong dispersion, are confirmed by accurate simulations of the electromagnetic field propagation in the metamaterial.