Yb:GdYAl3(BO3)4(Yb:GdYAB) is investigated as a new laser crystal for potential applications in self-frequency doubling. The emission and absorption properties of Yb:GdYAB crystal are studied, and the emission decay times of the upper laser level are measured. The emission cross sections are evaluated using the absorption cross section and principle of reciprocity. The other laser performance parameters, such as the minimum inversion fraction βmin, pump saturation intensity Isat and minimum pump intensity Imin, are also calculated. The results are discussed in the framework of requirements for an effective diode-pumped Yb3+ laser system. Yb:GdYAB is expected to exhibit the most useful laser properties and to be superior to Yb:YAB crystal that has been excellent self-frequency-doubling crystal at present in many key spectroscopic parameter values.