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Definition of jubilee : 1. A church solemnity or ceremony celebrated at Rome, at stated intervals, originally of one hundred years, but latterly of twenty- five; a plenary and extraordinary indulgence grated by the sovereign pontiff to the universal church. One invariable condition of granting this indulgence is the confession of sins and receiving of the eucharist.
2. A season of general joy.
3. A state of joy or exultation.
4. Every fiftieth year, being the year following the completion of each seventh sabbath of years, at which time all the slaves of Hebrew blood were liberated, and all lands which had been alienated during the whole period reverted to their former owners.
5. One celebrated upon the completion of sixty, or, according to some, seventy- five, years from the beginning of the thing commemorated.
6. The joyful commemoration held on the fiftieth anniversary of any event; as, the jubilee of Queen Victoria's reign; the jubilee of the American Board of Missions.

Synonyms:

festivity, celebration, ceremony, acclamation, commemoration, honor, exultation, observance, elation, feast, merry-making, glorification, jubilation, inauguration, ovation, commencement, salute, memorialization, ritual, praise, holiday, revelry, joy, remembrance, convocation, rejoicing, glee, carousal, spree, proclamation

Usage examples:

• For it is the jubilee; it shall be holy unto you: ye shall eat the increase thereof out of the field. - "The Right and Wrong Uses of the Bible", R. Heber Newton.
• The directors of this work aim to have it completed and ready to be unveiled in 1911, the jubilee year of Italy's resurrection as a united country. - "Italy, the Magic Land", Lilian Whiting.
• " To say nothing of the Jubilee," added Adrian, smiling. - "Rienzi", Edward Bulwer Lytton.