We give a complete description of the finite-dimensional irreducible representations of the Yangian associated with the orthosymplectic Lie superalgebra $frak{osp}_{1|2}$. The representations are parameterized by monic polynomials in one variable, they are classified in terms of highest weights. We give explicit constructions of a family of elementary modules of the Yangian and show that a wide class of irreducible representations can be produced by taking tensor products of the elementary modules.