We have searched for axion and light Higgs boson production in the channel Y(1S) → (a0 or h0)+gamma, where the non-interacting axion a0 and the Higgs boson h0 do not decay in the detector. We find no evidence for an axion and give an upper limit, Br(Y(1S) -> a0 gamma) <4.0x10(-5) (90% CL), for long-lived axions. Combining our limit with the previous search in J/Psi decays, we are able to rule out the axion in the standard model with first order QCD corrections. Our Y(1S) data also rule out a Higgs boson with mass m<86 MeV
