An Yb(II) complex with dimethyl ester of oxydiacetic acid, [Yb(CH3OOCCH2OCH2COOCH3)3](ClO4)2, has been obtained by electrochemical reduction and its crystal structure has been determined. The complex cations have the D3 (32) crystallographic symmetry. The compound shows a very broad absorption band, starting from 500 nm towards the UV region, and traces of luminescence with a maximum at 545 nm. The performed density functional theory (DFT) calculations have shown that the absorption band results from mixed f–d and charge transfer transitions, and the empty antibonding π* orbitals of the ester groups quench the luminescence.