Wheat (Triticum aestivum L.), as one of the three major food crops, predominantly thrives in arid and semi-arid regions of the world, and it is particularly vulnerable to various stress factors. Promptly identifying and assessing the levels of stress in wheat is crucial for implementing effective plant protection strategies in its cultivation. In recent years, hyperspectral imaging (HSI) has emerged as a significant non-destructive technology, offering both spatial and spectral insights into the subject under examination. This technology holds considerable potential in diagnosing stress in wheat crops. This review primarily explores the utilization of HSI in analyzing both biotic and abiotic stress in wheat, showcasing its effectiveness in identifying various conditions such as temperature stress, nutritional imbalances, drought, salinity-alkalinity, fungal infections, and other pest-related issues. The basic principle of HSI technology and the basic components of the hyperspectral sensor system platform are briefly introduced. Research shows that hyperspectral sensors can be mounted on different equipment platforms and can be effectively applied in laboratory, greenhouse, and field environment. In addition, HSI can also monitor the effects of biotic or abiotic stress on the physiological state of wheat at different scales. Finally, the limitations of hyperspectral technology in monitoring wheat stress are summarized and future research needs are proposed.