The location of the hole and acid proton in neutral nonprotonated and protonated mixed (phthalocyaninato)(porphyrinato) yttrium double-decker complexes, respectively, is studied on the basis of density functional theory (DFT) calculations on the molecular structures, molecular orbitals, atomic charges, and electronic absorption and infrared spectra of the neutral, reduced, and two possible protonated species of a mixed (phthalocyaninato)(porphyrinato) yttrium compound: [(Pc)Y(Por)], [(Pc)Y(Por)]-, [(HPc)Y(Por)], and [(Pc)Y(HPor)], respectively. When the neutral [(Pc)Y(Por)] is reduced to [(Pc)Y(Por)]-, the calculated results on the molecular structure, atomic charge, and electronic absorption and infrared spectra show that the added electron has more influence on the Pc ring than on its Por counterpart, suggesting that the location of the hole is on the Pc ring in neutral [(Pc)Y(Por)]. Nevertheless, comparison of the calculation results on the structure, orbital composition, charge distribution, and electronic absorption and infrared spectra between [(HPc)Y(Por)] and [(Pc)Y(HPor)] leads to the conclusion that the acid proton in the protonated mixed (phthalocyaninato)(porphyrinato) yttrium compound should be localized on the Por ring rather than the Pc ring, despite the localization of the hole on the Pc ring in [(Pc)Y(Por)]. This result is in line with the trend revealed by comparative studies of the X-ray single-crystal molecular structures between [MIII{Pc(alpha-OC5H11)4}(TClPP)] and [M(III)H{Pc(alpha-OC5H11)4}(TClPP)] (H2TClPP=5,10,15,20-tetrakis(4-chlorophenyl)porphyrin; M=Sm, Eu). The present work not only represents the first systemic DFT study on the structures and properties of mixed (phthalocyaninato)(porphyrinato) yttrium double-decker complexes, but more importantly sheds further light on the nature of protonated bis(tetrapyrrole) rare-earth complexes.