The convergence of spectroscopy and imaging technologies, emerge into a single sensing technology i.e., provides spatial and spectral information of the objects under investigation. The hyperspectral technique is one of the popular techniques used in numerous fields of study to determine size, shape, texture, material composition, morphology and external defects. The main advantage of this sensing technology lies in the fact that it is capable not only makes direct assessment of the material under study but also it can indicate the spatial distribution of the selected parameters. The aim of this paper is to present a detailed outline of the principles, background, acquisition methods, component descriptions and recent advances of the hyperspectral imaging systems for laboratory and industrial environments.