Numerical simulations for the merger of binary neutron stars are performed in full general relativity incorporating both nucleonic and hyperonic finite-temperature equations of state (EOS) and neutrino cooling. It is found that even for the hyperonic EOS, a hypermassive neutron star is first formed after the merger for the typical total mass ≈2.7M(⊙), and subsequently collapses to a black hole (BH). It is shown that hyperons play a substantial role in the postmerger dynamics, torus formation around the BH, and emission of gravitational waves (GWs). In particular, the existence of hyperons is imprinted in GWs. Therefore, GW observations will provide a potential opportunity to explore the composition of neutron star matter.