Ribblesdale High School recalled 240 yearbooks, took out the offensive photo and then redistributed the books.
The recall hasn't stopped photos of the 16-year-old from circulating on social media.
The teen in the picture and two other students who tweeted out the offensive picture have been disciplined.
"We recalled our school leavers' yearbooks when we realized that a pupil had made an unwise decision to play a practical joke in one of the group shots," headteacher Stephen Cox told the Lancashire Telegraph.
"The pupil involved now realizes his prank was ill-conceived and deeply regrets it. The issue has been dealt with appropriately and is now closed as far as the school is concerned."