Jubilee usually refers to a special anniversary or a celebration of such an anniversary. It can also refer generally to a season of celebration or act of rejoicing, or to a religious song of African Americans referring to a time of future happiness.
My grandparents will be celebrating their golden jubilee this year—as Grandpa puts it, “50 years of wedded bliss and occasional blisters.”
The town is planning a year-long jubilee in celebration of its founding 200 years ago.