The woman who shot and killed Selena Quintanilla will not be freed from behind bars ... because she just got denied parole.

The decision came down Thursday when a parole board in Texas denied Yolanda Saldivar's bid for freedom ... citing the violent nature of her crime and claiming she still poses a "continuing threat" to the community.

Yolanda worked for Selena until March 9, 1995 when Selena's dad fired her after accusing her of embezzling money from the Tejano star's clothing company, which was planning to open a boutique in Monterrey, Mexico.

Two weeks later, Yolanda shot and killed Selena ... she was ultimately convicted and is serving a life sentence. Selena was only 23 years old when she was killed.

After Thursday's denial, the next time Yolanda will be eligible for parole will reportedly be in March 2030.

Selena's family applauded the denial in a social media post, saying ... "While nothing can bring Selena back, this decision reaffirms that justice continues to stand for the beautiful life that was taken from us and from millions of fans around the world far too soon."