Yolanda studied at The School of The Art Institute of Chicago where she obtained a BFA. Velázquez has received various merit awards including a Merit Scholarship from The School of The Art Institute of Chicago and funding from the NEA and the Institute for Culture in Puerto Rico. She has participated in many important biennales and triennials around the world such as the Prague Printmaking Triennial and La Joven Estampa in Havana. Her works can be found in public collections such as the Museum of Contemporary art in Puerto Rico, the Museum of Art and History at the University of Puerto Rico, Museum of the Alicante University, in Spain and La Casa de las Americas in Havana, Cuba. At the present she works for the Puertorican Institute for Culture and works at her studio in San Juan, Puerto Rico.