Cleve, of Sweden, later independently discovered the element while working on erbia earth. The element is named after Cleve's native city. Pure holmia, the yellow oxide, was prepared by Homberg in 1911.
Holmium occurs in gadolinite, monazite, and in other rare-earth minerals.
It has been isolated by the reduction of its anhydrous chloride or fluoride with calcium metal. Pure holmium has a metallic to bright silver luster. It is relatively soft and malleable, and is stable in dry air at room temperature, but rapidly oxidizes in moist air and at elevated temperatures. The metal has unusual magnetic properties. Few uses have yet been found for the element.