for historical evolution, see V. Used punningly for you by 1588 ["Love's Labour's Lost," V.i.60], not long after the pronunciation shift that made the vowel a homonym of the pronoun. As a simple shorthand (without intentional word-play), it is recorded from 1862. Common in business abbreviations since 1923 (such as U-Haul, attested from 1951).
c. 1200, "action of rotating," from Anglo-French tourn (Old French torn, tour), from Latin tornus "turning lathe;" also partly from turn (v.). Meaning "an act of turning, a single revolution or part of a revolution" is attested from late 15c. Sense of "place of bending" (in a road, river, etc.) is recorded from early 15c. Meaning "beginning of a period of time" is attested from 1853 (as in turn-of-the-century, from 1921 as an adjectival phrase).
Sense of "act of good will" is recorded from c. 1300. Meaning "spell of work" is from late 14c.; that of "an individual's time for action, when these go around in succession" is recorded from late 14c. The automatic automobile turn-signal is from 1915. Turn-sick "dizzy," is attested from early 15c. Phrase done to a turn (1780) suggests meat roasted on a spit. The turn of the screw (1796) is the additional twist to tighten its hold, sometimes with reference to torture by thumbscrews.