  We study periodicity and twisted periodicity of the trivial extension algebra
$T(A)$ of a finite-dimensional algebra $A$. Our main results show that
(twisted) periodicity of $T(A)$ is equivalent to $A$ being (twisted)
fractionally Calabi-Yau of finite global dimension. We also extend this result
to a large class of self-injective orbit algebras. As a significant
consequence, these results give a partial answer to the periodicity conjecture
of Erdmann-Skowro\'nski, which expects the classes of periodic and twisted
periodic algebras to coincide. On the practical side, it allows us to construct
a large number of new examples of periodic algebras and fractionally Calabi-Yau
algebras. We also establish a connection between periodicity and cluster
tilting theory, by showing that twisted periodicity of $T(A)$ is equivalent the
$d$-representation-finiteness of the $r$-fold trivial extension algebra
$T_r(A)$ for some $r,d\ge 1$. This answers a question by Darp\"o and Iyama.
  As applications of our results, we give answers to some other open questions.
We construct periodic symmetric algebras of wild representation type with
arbitrary large minimal period, answering a question by Skowro\'nski. We also
show that the class of twisted fractionally Calabi-Yau algebras is closed under
derived equivalence, answering a question by Herschend and Iyama.
