1. Install MySQL yum repository
Head over here and get the url for yum repo to be deployed in your server: http://dev.mysql.com/downloads/repo/yum/

MySQL Yum downloads page
Copy the download link:

MySQL 5.7 Yum repo download link
Now that you have the download link, wget get the repo rpm and check file checksum to make sure that rpm is downloaded with out errors. Make a note of checksum from first picture above (Checksum validation is optional)
wget http://dev.mysql.com/get/mysql57-community-release-el6-7.noarch.rpm
md5sum mysql57-community-release-el6-7.noarch.rpm
rpm -ivh mysql57-community-release-el6-7.noarch.rpm

mysql 5.7 centos 6 yum repo
2. Install MySQL 5.7 Server and client libraries
Now that you have installed mysql 5.7 yum repo, you can start install mysql server and client libraries.
yum install -y mysql-community-client mysql-community-server

installing mysql 5.7 with yum command
3. Start MySQL 5.7 Server and connect to it !
Start MySQL 5.7 service
service mysqld start
And find initial mysql 5.7 root password from log file
grep -i temporary /var/log/mysqld.log
Login into MySQL 5.7 using password you got from temporary password that you searched from above
mysql -uroot -p
Only command MySQL 5.7 is going to let you run once you login with your default password is password command
SET PASSWORD FOR 'root'@'localhost' = PASSWORD('Yourpassword1!');

MySQL 5.7 default password login
That’s it, you have successfully installed MySQL 5.7 server on CentOS 6/Redhat EL6/Fedora. Open some firewall rules if needed and create users to access your database.






Thank you so much for the step by step, helped a Linux / mysql noob like myself!
You might also need to upgrade mysql tables for allowing innodb work properly.
mysql_upgrade -p