The ground and low-lying excited states of four alternating Si/C annulenes, HnSin/2Cn/2 with n = 4, 6, 8, and 10, have been investigated by ab initio molecular orbital methods and compared to those of their all-carbon and all-silicon analogues. In the ground state, all of the Si/C-mixed annulenes, except for the largest 10-membered annulene (H10Si5C5), assume equal-bond-length structures by adopting a closed-shell electronic structure in the possible highest symmetry. For the largest H10Si5C5, the trend of the bond delocalization still remains but the circular structure is considerably distorted and nonplanar due to severe angle strain. In the low-lying singlet (S-1) and triplet (T-1) states, the geometry of the compounds tends to be nonplanar as the excitations produce silyl radical character. Relative energies of the T-1 and S-1 states of the 6-membered ring, compared to those of the respective ground states (S-0), are higher than those of the 4- and 8- membered rings, suggesting a special stability for H6Si3C3. The planar rhombus shape of the formally antiaromatic H4Si2C2 suggests that a synthetic effort is merited. Bonding analyses are given to support the conclusions reached on the basis of geometric structures and excited-state energetics.