Used in solid-state lasers for medical and dental procedures, particularly in minimally invasive surgeries and tissue ablation. Essential component in yttrium iron garnet (YIG) and yttrium lithium fluoride (YLF) crystals for magnetic and optical devices. Serves as a wavelength calibrator in optical spectrophotometers due to its sharp absorption peaks across the visible and near-infrared spectrum. Employed in nuclear reactors as a neutron absorber in control rods because of its high thermal neutron capture cross-section. Used in the production of specialized magnets and magnetic materials for research and high-tech industrial applications.