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The critical behavior of single phase Y2Fe17 melt-spun ribbons with the Th2Fe17-type crystal structure has been studied around the transition temperature (TC). This alloy undergoes a second-order ferromagnetic (FM)–paramagnetic (PM) phase transition at TC = 301 K. Various techniques, such as the modified Arrott plot, Kouvel–Fisher method, and critical isotherm analysis, were used to determine the critical exponents that were found to be β = 0.226(3), γ = 1.296(2), and δ = 6.804(5). The universality class of the critical phenomenon in the Y2Fe17 ribbons can be explained with the help of the renormalization group theory approach, in which the magnetic properties show a feature changing from three (3D)- to two-dimensional (2D) Ising model. The first-principles calculations based on density functional theory qualitatively explain the experimental results, confirming the strong correlation between lattice atoms and critical behavior in magnetic intermetallic Y2Fe17. [ABSTRACT FROM AUTHOR]