We present precise values of the dipole polarizabilities (α) of the ground [4f 14 6s] 2 S 1/2 and metastable [4f 14 5d] 2 D 3/2 states of Yb + , that are important in reducing systematics in the clock frequency of the [4f 14 6s] 2 S 1/2 → [4f 14 5d] 2 D 3/2 transition. The static values of α for the ground and [4f 14 5d] 2 D 3/2 states are estimated to be 9.8(1)×10 −40 Jm 2 V −2 and 17.6(5)×10 −40 Jm 2 V −2 , respectively, while the tensor contribution to the [4f 14 5d] 2 D 3/2 state as −12.3(3) × 10 −40 Jm 2 V −2 compared to the experimental value −13.6(2.2) × 10 −40 Jm 2 V −2 . This corresponds to the differential scalar polarizability value of the above transition as −7.8(5) × 10 −40 Jm 2 V −2 in contrast to the available experimental value −6.9(1.4) × 10 −40 Jm 2 V −2 . This results in the black-body radiation (BBR) shift of the clock transition as −0.44(3) Hz at the room temperature, which is large as compared to the previously estimated values. Using the dynamic α values, we report the tune-out and magic wavelengths that could be of interest to subdue systematics due to the Stark shifts and for constructing lattice optical clock using Yb + .