The low-lying positive-and negative-parity states in l68Yb have been investigated by means of the (a,2ny) fusion evaporation reaction. Using the coincidence method, the level scheme was corrected and extended up to 3 MeV, for both the positive-and negative-parity states. Using the new branching ratios determined in the present experiment, the K quantum number was proposed for two negative-parity bands by direct comparison with the Alaga rule. Like in some other nuclei, one negative-parity band was established, decaying predominantly to the y-vibrational band. In a second experiment, the lifetimes of the low-lying excited states up to J n = 6+ in the ground-state band were measured by using the in-beam fast-timing method with the Bucharest mixed high-purity germanium (HPGe) and LaBr3:Ce detector array using the triple-y coincidence method. Reduced E2 transition probabilities were extracted from the measured lifetimes and compared with the corresponding observables in neighboring isotopes, showing a smooth behavior with increasing mass. The positive-and negative-parity states as well as E 1 and E2 transition probability ratios revealed by these experiments are compared with the interacting boson model in the sd and s p d f boson space, and with the confined beta-soft rotor model, and are found to be in good agreement.