The galvanomagnetic effects in the new diluted magnetic semiconductors Pb1−xSnxTe:Yb were studied to determine the parameters of the electronic structure and to elucidate its influence on the magnetic properties. It was found that the temperature dependencies of the resistivity ρ and the Hall coefficient R H have a “metallic” character, however the R H changes in anomalous manner: its value increases more than by order of magnitude and then passes through maximum with increasing the temperature. Upon an increase of the ytterbium concentration the hole concentration decreases by more than order of magnitude. The results were explained assuming a formation of deep ytterbium-induced defect level in the valence band of the alloys, which moves up to its top with increasing the ytterbium concentration and pins the Fermi level within the valence band. The energy position of the Fermi level was calculated in the frame of two-band dispersion law and used to determine the position of Yb level in the alloys. The diagram of the charge carrier energy spectrum under varying the alloy composition was built.