A transparent Yb:YMgB5O10 single crystal with dimensions up to 25 × 23 × 25 mm and weight 10.337 g was grown using a high-temperature solution growth on dipped seeds technique with a K2Mo3O10 solvent. The Yb3+ concentration was calculated to be 4.7 at.% (NYb = 3.71 × 1020 atoms/cm3) with a distribution coefficient Kd of 0.59. The grown crystal was characterized by means of PXRD, TGA-DSC and ATR-FTIR techniques. The spectroscopic characteristics of the Yb:YMgB5O10 crystal were demonstrated. Absorption cross-section spectra were produced. The luminescence spectra of the Yb:YMgB5O10 crystal were measured in the spectral range of 950–1100 nm. The luminescence kinetics of the 2F5/2 energy level were investigated and the lifetime was determined.