yay /jeɪ/exclamation 1noun 1forms 1 exclamation1 •(informal) a word that shows the speaker is glad and excited about somethingYay! I have finally finished my work! noun1 •(US, slang) Cocaine (powder or crack).I'm in charge of a whole city block, and I always wear gloves when I touch the yay, cuz traces of cocaine show up on my u. a., when I touch it with my bare hands. — 2009 formsyays