Soil water content is a key parameter in monitoring drought. In recent years, a lot of work has been done on monitoring soil water content based on hyperspectral remotely sensed data both at home and abroad. In the present review, theories, advantages and disadvantages of the monitoring methods using different bands are introduced first. Then the unique advantages, as well as the problems, of the monitoring method with the aid of hyperspectral remote sensing are analyzed. In addition, the impact of soil water content on soil reflectance spectrum and the difference between values at different wavelengths are summarized. This review lists and summarizes the quantitative relationships between soil water content and soil reflectance obtained through analyzing the physical mechanism as well as through statistical way. The key points, advantages and disadvantages of each model are also analyzed and evaluated. Then, the problems in experimental study are pointed out, and the corresponding solutions are proposed. At the same time, the feasibility of removing vegetation effect is discussed, when monitoring soil water content using hyperspectral remote sensing. Finally, the future research trend is prospected.