Hyperspectral Imaging (HSI) provides detailed spectral information for each pixel in an image, which involves acquiring images at numerous narrow and contiguous wavelength bands. Comprehensive spatial and spectral information deposits in hyperspectral images acquired by sensors, cameras, and various data acquisition sources lead to a wide range of applications across multiple fields from agriculture, and environment to biology. Various Image Processing and Artificial Intelligence algorithms have been developed periodically to analyze the data acquired through HSI. This review paper presents a comprehensive analysis of HSI focusing on its various aspects and potential implications. We explore detailed applications and key algorithms of HSI and discuss the associated advancements and challenges. Through an extensive literature review, we identify the state of research and methodologies related to HSI. Our study covers a wide range of HSI applications such as Earth Sciences, Exploration, Monitoring, Agriculture, Security, Conservation, Security, Healthcare, and Medical Imaging, and how Hyperspectral Imaging algorithms benefit these applications. Additionally, we discuss emerging trends and future directions in HSI providing insights into the promising avenues for further research.