The structural and magnetic properties of Y0.5Er0.5Fe2D4.2 deuteride have been investigated by continuous high field magnetic measurements up to 35 T and neutron powder diffraction experiments versus temperature and applied field. Y0.5Er0.5Fe2D4.2 crystallizes in a monoclinic structure (Pc space group) resulting from the deuterium order into 18 interstitial tetrahedral sites. At low field, the deuteride is ferrimagnetic (Ferri) up to 38 K, between 38 and 50 K, it undergoes a first order transition towards an antiferromagnetic (AFM) structure, which remains present up to TN=115 K. Upon applied field, two different types of metamagnetic behavior are observed depending on the temperature range. Below 38 K, a forced ferrimagneticferromagnetic (FM) transition is observed at a transition field BTrans of only 7 T (at 2 K), which is among the smallest encountered for Fe rich intermetallics. BTrans is not very sensitive to temperature changes nor to the Er content and its moderate value is explained by a deuterium induced weakening of the Er-Fe interaction. The second metamagnetic transition, observed between 38 and 150 K, from an AFM (Para) towards a FM structure, is related to the itinerant electron metamagnetic behavior of the Fe sublattice. BTrans increases linearly versus temperature with a dB/dT slope of 0.24±0.01 T.K-1. Above BTrans, Er moments parallel to the Fe moments are induced.