What does jubilee mean? jubilee. Noun 1. (Jewish historical) ; A special year of emancipation supposed to be kept every fifty years, when farming was abandoned and Hebrew slaves were set free. 2. A fiftieth anniversary. 3. (Catholicism) ; A special year (originally held every hundred years, then fifty, and then fewer) ; in which remission from sin could be granted as well as indulgences upon making a pilgrimage to Rome. 4. A time of celebration or rejoicing. 5. (obsolete) ; A period of fifty years; a half-century.