Hyperspectral data analysis is being utilized as an effective and compelling tool for image processing, providing unprecedented levels of information and insights for various applications. In this manuscript, we have compiled and presented a comprehensive overview of recent advances in hyperspectral data analysis that can provide assistance for the development of customized techniques for hyperspectral document images. We review the fundamental concepts of hyperspectral imaging, discuss various techniques for data acquisition, and examine state-of-the-art approaches to the preprocessing, feature extraction, and classification of hyperspectral data by taking into consideration the complexities of document images. We also explore the possibility of utilizing hyperspectral imaging for addressing critical challenges in document analysis, including document forgery, ink age estimation, and text extraction from degraded or damaged documents. Finally, we discuss the current limitations of hyperspectral imaging and identify future research directions in this rapidly evolving field. Our review provides a valuable resource for researchers and practitioners working on document image processing and highlights the potential of hyperspectral imaging for addressing complex challenges in this domain.