a book published annually, containing information, statistics, etc., about the past year: an encyclopedia yearbook.
a book published by the graduating class of a high school or college, containing photographs of class members and commemorating school activities.

1580–90; year + book Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
yearbook (ˈjɪəˌbʊk)
an almanac or reference book published annually and containing details of events of the previous year

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1588, "book of reports of cases in law-courts for that year," from year + book. Meaning "book of events and statistics of the previous year" is recorded from 1710. Sense of "graduating class album" is attested from 1926, Amer.Eng.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Working on the yearbook or school newspaper or literary magazine might give a student a taste of publishing.
Of course, you can use any of their themes for your yearbook, though.
We cross out the ex-girlfriends' pictures in the yearbook with a blue ballpoint pen.
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