The electronic structure of coordination compounds with lanthanide ions is studied by means of density functional theory (DFT) calculations. This work deals with the electronic structure and properties of open-shell systems based on the calculation of multiplet structure and ligand-field interaction, within the framework of the Ligand–Field Density-Functional Theory (LFDFT) method. Using effective Hamiltonian in conjunction with the DFT, we are able to reasonably calculate the low-lying excited states of the molecular [Eu(NO3)3(phenanthroline)2] complex, subjected to the Eu3+ configuration 4f6. The results are compared with available experimental data, revealing relative uncertainties of less than 5% for many energy levels. We also demonstrate the ability of the LFDFT method to simulate absorption spectrum, considering cerocene as an example. Ce M4,5 X-ray absorption spectra are simulated for the complexes [Ce(η8−C8H8)2] and [Ce(η8−C8H8)2][Li(tetrahydrofurane)4], which are approximated by the Ce oxidation states 4+ and 3+, respectively. The results showed a very good agreement with the experimental data for the Ce3+ compound, unlike for the Ce4+ one, where charge transfer electronic structure is still missing in the theoretical model. Therefore this presentation reports the benefits of having a theoretical method that is primarily dedicated to coordination chemistry, but it also outlines limitations and places the ongoing developmental efforts in the broader context of treating complex molecular systems.