Rare earth doped crystals are promising systems for quantum information processing. In particular paramagnetic rare earths could be used to build coherent interfaces with optical and microwave photons. In addition, isotopes with non zero nuclear spins could provide long lived states for quantum state storage and processing. Yb 3+ is particularly interesting in this respect since it is the only paramagnetic rare earth with a spin 1/2 isotope, which corresponds to the simplest possible level structure. In this paper, we report on the optical and magnetic properties of Yb 3+ in the two sites of Y2SiO5, a commonly used crystal for quantum applications. We measured optical inhomogeneous linewidths, peak absorption coefficients, oscillator strengths, excited state lifetimes and fluorescence branching ratios. The Zeeman tensors were also determined in the ground and excited states, as well as the ground state hyperfine tensor for the 171 Yb 3+ (I = 1/2) isotope. These results suggest that Yb 3+ :Y2SiO5 is a promising material for applications like solid state optical and microwave quantum memories.