During almost continuous operations for the first four days of the battle, Yancey only lost two landing craft (LCVPs): one to enemy mortar fire, and another to heavy surf. Yancey received minor damage when she collided with  while transferring  ammunition to the heavy cruiser.
After remaining at Pearl Harbor until 27 January 1945, Yancey departed for the Marianas with elements and cargo of the 5th Marine Division as part of Task Group (TG) 51.12 in support of the invasion of Iwo Jima. After stops for fuel and supplies at Eniwetok and invasion rehearsals at Tinian, the ship arrived off Iwo Jima at 06:24 on 19 February, D-day for the initial landing.