The valence band electronic structures of Mn- and/or Fe-doped In2O3, i.e., In2O3:Mn, In2O3:Fe, and In2O3:(Mn, Fe), are investigated by photoemission yield measurements. It is confirmed that the order of the threshold energies of photoemission, EPET, is EPET(In2O3:Mn) < EPET(In2O3:(Mn, Fe)) < EPET(In2O3:Fe) < EPET(In2O3).