Oxygen‐containing yttrium hydride (YHO), primarily known for its photochromic properties, simultaneously shows a photoconductive response. Polycrystalline YHO thin films are deposited by reactive magnetron sputtering onto glass substrates and their optical and electrical properties are correlated under illumination with light. While photoconductivity is found in a broader range of compositions than photochromism, maximum photoconductive response is found for samples exhibiting photochromism. This photoconductive effect can be observed above a certain cutoff energy of light and a stronger response is triggered by shorter wavelengths. After the illumination is stopped, the slow recovery (few minutes) of the optical transmission and electrical transport suggests that the underlying process is not purely electronic. A memory effect is found depending on the previous exposure of samples to light which supports the hypothesis of local hydrogen diffusion during the photochromic reaction. An unprecedentedly fast bleaching speed is reported for samples stored in vacuum immediately after film deposition.