Yahoo revealed its new bookmarking tool today. OnePlace is an application that lets users keep track of their favorite Web topics on their cell phones. OnePlace, which is scheduled to launch in the second quarter of this year, allows users to mark links, news feeds or search results that lead them to fresh information on favorite topics when clicked.

While bookmarks are not new, Yahoo says mobile phones require a different approach and far greater emphasis on sharing. Yahoo is competing with search giant Google. Yahoo hopes to overcome Google by building services for cell phone users and forming alliances with telecommunications carriers.

OnePlace builds on Yahoo’s OneSearch and OneConnect mobile services. The content behind the bookmarks match the location of users and the preferences of friends and contacts who use the service.

“We’re not reinventing forms of mobile content or getting into the content business but there are places where you have stuff that you care about, that you’re passionate about, that you follow,” said Marco Boerries, head of Yahoo’s mobile drive.

“Whether it’s in Facebook, in YouTube… it’s all over the place and it’s locked up on your PC.”

Users will be able to gather their favorite Web places either by choosing them on their PC and then synchronizing with their cell phone, or directly on the mobile phone itself.

Customers will be able to access the service either through telecommunication carriers who have deals with Yahoo such as Deutsche Telekom, Telefonica or Vodafone or directly download it from Yahoo.