There are many causes of yellowing leaves–here are the most common:
A Majesty palm fares much better when basking in intermittent sunlight. When exposed to direct sunlight for too long, it will burn. While the Majesty Palm can adapt to somewhat lower light areas, plant growth will slow. If the area is too dark, growth will stop and leaves begin to yellow and abort since not enough light sustains photosynthesis. Rather than stop producing new leaf spears, the plant devotes all its energy and resources to the newest, youngest fronds, letting the lower and oldest leaves yellow. Find a medium to well-lit area in your home for your Palm. This will provide adequate light levels for long-term survival.
Providing proper and consistent soil moisture is important in caring for a Majesty Palm. Keeping consistently moist soil is also a delicate balance.
Here are more things to consider:
Your light level
In full sun exposures, the soil must remain evenly moist to keep leaves green. In the low light and dry air of a home or office, a Majesty Palm is always at a disadvantage.
Your humidity level
Low humidity and dry soil cause frond leaflets to brown on their edges, later followed by entire yellowing. Misting the leaves or fronds often can increase the humidity.
Your watering consistency
Alternating between bone dry and wet soil from ill-timed waterings can create stress and cause the Palm to have yellow fronds and eventually die. Soil should remain moist.
Weakened or stressed Majesty Palms become more susceptible to insect infestations. Sap-sucking bugs like spider mites can drain the Palm of moisture. This problem quickly manifests itself by yellowing leaflets and fronds. Scale, mealybugs, and spider mites occur frequently in indoor conditions. If not killed early on, these small pests proliferate and move all along frond parts into nooks and crannies. The piercing mouths of the insects drain the palm and accelerate yellowing, especially if the palm already is unhealthy from poor lighting, a nutrient deficiency or improper soil moisture.