The low-lying electronic states of yttrium dicarbide have been calculated using highly correlated wave functions and systematic sequences of correlation consistent basis sets. For the (2)A(1) ground electronic state, the near-equilibrium potential energy surface (PES) has been calculated using the coupled cluster method in conjunction with basis sets ranging in size from double to quintuple zeta. The relativistic effects have been taken into account by using pseudopotentials for the Y atom. After extrapolation to the complete basis set limit, additional corrections due to core-valence correlation and spin-orbit effects have also been included. The same approach has been followed for the (2)B(1), (2)B(2), and (2)A(2) states but only the C(2V) PESs have been considered in these cases. For the two (2)A(1) electronic excited states and, for comparison purposes, for the ground state, the multireference configuration interaction (MRCI) approach has been used in conjunction with double-zeta and triple-zeta basis sets for the construction of the PES. The molecular and spectroscopic properties predicted for the ground and excited states investigated in this work compare well with the available experimental data, particularly for the ground electronic state. The 0 K dissociation enthalpy of YC(2), DeltaH(Y-C2)(0 K), and its atomization enthalpy, SigmaD(0), are predicted to be 148.4 and 291.5 kcal/mol, respectively.