I got the answer myself. Follow the below steps:
sudo wget https://dev.mysql.com/get/mysql57-community-release-el7-11.noarch.rpm
sudo yum localinstall mysql57-community-release-el7-11.noarch.rpm
sudo yum install mysql-community-server
systemctl start mysqld.service
The key is to add the source repo and then install since Amazon Linux 2 doesn’t have the default repos in place already.