Yellow Klonopin pill is a commonly used (and abused) drug, and if you’re taking it or planning on taking it, you should make sure you know all the key info first. Klonopin (Clonazepam) is a drug used to treat seizures, panic disorder, and anxiety. There are plenty of Clonazepam pills available on the market. Each one is different in color, shape, and imprint. The colors denote the dosage of the Klonopin pill. The significant identifier is the imprint identifying the manufacturer and the dosage.