The electronic structure of Mn12-Ac molecular magnet has been investigated using synchrotron radiation. The valence-band photoemission spectroscopy (PES) measurement reveals that Mn 3d states are located near the top of the valence band. The trend in the measured valence-band PES spectra is found to be consistent with that in the calculated local density of states. The Mn 2p x-ray absorption spectroscopy (XAS) measurement provides evidence for the Mn$^{3+}$-Mn$^{4+}$ mixed-valent states.