Sportsvl |  Yo-yo
It is believed that the yo-yo most likely originated in China. The first historical mention of the yo-yo, however, was from Greece in the year 500 B.C. These ancient toys were made out of wood, metal, or painted terra cotta disks and called just that, a disc. It was customary, when a child turned of age, to offer toys of their youth to certain gods. Due to the fragile nature of the material, it is presumed that the disks made of terra cotta (clay) were used for this purpose rather than for actual play.

The trail  follows through Egypt and India (1765) to Europe via France and then to the  USA in 1886. In the 1920s, the Pedro Flores  company was set up  in California. In about 1928 , a businessman named Donald F. Duncan Sr. saw his first Flores yo-yo while he was in San Francisco.....more. See also History with illustrations.

There is no governing world body for the sport.   America is probably the most active, though the sport is increasing in popularity and is now played in many countries, including Holland, Japan, UK  and Ireland

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Some starter  Links