Today rare earth elements (REE) are of great interest to global economy, and become more and more important in modern technology. However, little research of reflectance spectroscopy and hyperspectral detection of REE has been conducted particularly due to the scarcity of its distribution. In this paper, electronic configuration and energy transition mechanism of REE were explained in the initial stage, for the partial filling of the 4f electron shell combined with numerous 4f-4f intraconfigurational electronic transitions made spectral features of REE unique in visible and infrared wavelength. Then combined with our study, spectral characteristics of fifteen rare earth elements, REE-bearing minerals (REE fluorocarbonates, REE phosphates, REE silicates), REE-bearing solutions were analyzed. The study indicated that spectra of fifteen rare earth elements were different from each other, and the typical distribution of REE (light REE versus heavy REE) in minerals and solutions directly affected their spectral signatures. The spectra of REE-bearing solutions were the combination of spectra of water and REE, and the intensity of absorption features became weaker with the decrease of REE concentration. In addition, hyperspectral REE detection in space borne was hindered by the suitable data source. Some researchers used an in situ instrument (HYSpex sensor) conducting REE mapping, which indicated that hyperspectral mapping of REE was feasible and efficient for Nd, Er, Dy, Ho, Sm, Tm analysis. Hyperspectral imaging spectroscopy of drill core was carried out using sisuROCK instrumentation, and Nd was extracted using its special spectral absorption bands. Finally, future study of REE reflectance spectroscopy and hyperspectral detection was pointed out, and this paper gives a good enlightenment for future exploration of REE using hyperspectral remote sensing.