The results of ab initio calculation of E1 amplitudes, lifetimes, and polarizabilities for several low-lying levels of ytterbium are reported. The effective Hamiltonian for the valence electrons Heff has been constructed in the frame of CI+MBPT method and solutions of many electron equation HeffΦn = EnΦn are found. PACS. 31.15.Ar, 32.10.Dk, 32.10.Fn Typeset using REVTEX