年 is year, and 糕 is cake, so 年糕 is year cake. 糕 sounds like the word for tall or growth, so the name also sounds like the propitious to grow this year.
About This Dish
New Year cake is a steamed cake made with sticky rice, often served fried or dipped in egg and fried. The Cantonese version is mixed with brown sugar. Popular during New Year (Chinese New Year, of course).