The Pt–Ir alloy is an important electrical contact material in the aerospace field, and its electrical contact performance directly affects the reliability and stability of the circuit system. In order to elucidate the effect of Y on the breaking arc behavior of Pt–Ir alloys at different voltages, Pt-10Ir-1Y and Pt-25Ir-1Y alloys were prepared using melting and thermal processing, and the electrical contact tests were carried out at DC 15 A 12 V, 24 V, and 36 V. When comparing the results of Pt-10Ir and Pt-25Ir electrical contact tests, they showed that Y doping provided a tendency to concentrate individual arc erosion regions. Meanwhile, the comparative study showed that the addition of Y could inhibit the tendency of the Pt–Ir arc time to increase with voltage. At 36 V, the overall arc time of Pt–Ir–Y was significantly lower than that of Pt–Ir, and the fluctuation in arc time and arc energy was reduced. In addition, Y reduced the welding force of Pt–Ir alloys at 12 V, while Y improved the stability of the welding force of Pt–Ir alloys at 24 V. It could be seen that Y was favorable to improving the arc erosion resistance of the Pt–Ir alloy under certain conditions. The contact resistance analysis showed that there was an obvious partitioning phenomenon in the contact resistance of Pt–Ir alloys, and Y changed in this phenomenon at a certain voltage range. In addition, the material transfer direction of the Pt–Ir alloy was from the anode to the cathode, which was not affected by the voltage change, while the addition of Y changed the material transfer direction from the cathode to the anode, which was likely caused by the change from the metal-phase arc dominance to gas-phase arc dominance.