This paper discusses the formation of ultracold YbAg molecules via photoassociation, following the proposal of using YbAg as a promising molecular candidate for electron electric dipole moment experiments [M. Verma et al. Phys. Rev. Lett. 125, 153201 (2020)]. Our study utilizes high-level ab initio calculations, encompassing both multireference configuration interaction, relativistic Fock-space coupled cluster, and Kramers-restricted configuration interaction methods, to investigate the electronic structures including potential energy curves, spectroscopic constant, vibrational energy levels, and associated transition dipole moment and Franck-Condon factors for 28 electronic states. By choosing (5)(Ω=3/2) as the intermediate state, we discuss the feasibility of forming ultracold YbAg molecules through stimulated Raman adiabatic passage method.