Time-dependent density functional theory (TDDFT) has been applied to the analysis of the electronic spectra of methylcobalamin (MeCbl) and its derivative in which the trans axial base was replaced by a water molecule (MeCbi[Single Bond]H(2)O). The latter corresponds to the situation encountered in strongly acidic solutions. The study primarily focuses on the accuracy of two functionals, the hybrid B3LYP and the gradient corrected BP86, in dealing with the electronic excitations. The high resolution crystal structure of MeCbl was the source of the initial coordinates. To generate the initial structures, the full MeCbl was simplified by replacing the corrin side chains by H atoms. The vertical excitation energies, together with the corresponding oscillator strengths, were calculated at the optimized BP86 and B3LYP structures of the ground electronic state of the complexes. The NBO analysis shows that the B3LYP functional gives a bonding description of the ground state as a more polarized covalent bond compared to that given by BP86. The latter functional has more covalent bonding and is thus more appropriate for modeling the axial bonding properties. To validate the accuracy of the present TDDFT analysis, the computed excitations were directly compared to the absorption spectra of MeCbl. In order to obtain a reliable agreement between experiment and theory, the two-parameter scaling technique was introduced, which compensates differently the low-energy and high-energy excitations. Electronic excitations strongly depend on the choice of the functional. Transitions involving corrin pi-->pi(*) excitations are better described by the B3LYP functional while transitions associated with metal-to-ligand (dpi-->pi(*)d) excitations are better described by BP86. These differences can be associated with the different bonding descriptions obtained by B3LYP and BP86.