Yo-yos with nylon transaxles (such as Brains and Fireballs) require lubrication when they are hard to get back to the hand or make a screeching noise. To oil your yo-yo , unscrew it and remove the transaxle. Place a drop of Teflon oil on the smooth part of the metal axle, being careful to avoid getting any on the threading of the axle (the yo-yo will not stay together if there is). Replace the transaxle and screw the yo-yo back together, being very careful not to damage it by overtightening.
Roller bearing yo-yos rarely require lubrication, if at all, as some use sealed bearings (such as Bumblebees). If you do feel that your bearing yo-yo needs lubrication, place a very small drop of Teflon oil in the groove on the side of the bearing. Normal play will work the oil into the bearing.