In this study, we considered the structural stability, electronic properties, and phonon dispersion of the cubic (c-ZrO2), tetragonal (t-ZrO2), and monoclinic (m-ZrO2) phases of ZrO2. We found that the monoclinic phase of zirconium dioxide is the most stable among the three phases in terms of total energy, lowest enthalpy, highest entropy, and other thermodynamic properties. The smallest negative modes were found for m-ZrO2. Our analysis of the electronic properties showed that during the m–t phase transformation of ZrO2, the Fermi level first shifts by 0.125 eV toward higher energies, and then decreases by 0.08 eV in the t–c cross-section. The band gaps for c-ZrO2, t-ZrO2, and m-ZrO2 are 5.140 eV, 5.898 eV, and 5.288 eV, respectively. Calculations based on the analysis of the influence of doping 3.23, 6.67, 10.35, and 16.15 mol. %Y2O3 onto the m-ZrO2 structure showed that the enthalpy of m-YSZ decreases linearly, which accompanies the further stabilization of monoclinic ZrO2 and an increase in its defectiveness. A doping-induced and concentration-dependent phase transition in ZrO2 under the influence of Y2O3 was discovered, due to which the position of the Fermi level changes and the energy gap decreases. It has been established that the main contribution to the formation of the conduction band is made by the p-states of electrons, not only for pure systems, but also those doped with Y2O3. The t-ZrO2 (101) and t-YSZ (101) surface models were selected as optimal surfaces for water adsorption based on a comparison of their surface energies. An analysis of the mechanism of water adsorption on the surface of t-ZrO2 (101) and t-YSZ (101) showed that H2O on unstabilized t-ZrO2 (101) is adsorbed dissociatively with an energy of −1.22 eV, as well as by the method of molecular chemisorption with an energy of −0.69 eV and the formation of a hydrogen bond with a bond length of 1.01 Å. In the case of t-YSZ (101), water is molecularly adsorbed onto the surface with an energy of −1.84 eV. Dissociative adsorption of water occurs at an energy of −1.23 eV, near the yttrium atom. The results show that ab initio approaches are able to describe the mechanism of doping-induced phase transitions in (ZrO2+Y2O3)-like systems, based on which it can be assumed that DFT calculations can also flawlessly evaluate other physical and chemical properties of YSZ, which have not yet been studied quantum chemical research. The obtained results complement the database of research works carried out in the field of the application of biocompatible zirconium dioxide crystals and ceramics in green energy generation, and can be used in designing humidity-to-electricity converters and in creating solid oxide fuel cells based on ZrO2.