Hyperentanglement is a promising resource in quantum information processing with its high capacity character, defined as the entanglement in multiple degrees of freedom (DOFs) of a quantum system, such as polarization, spatial-mode, orbit-angular-momentum, time-bin and frequency DOFs of photons. Recently, hyperentanglement attracts much attention as all the multiple DOFs can be used to carry information in quantum information processing fully. In this review, we present an overview of the progress achieved so far in the field of hyperentanglement in photon systems and some of its important applications in quantum information processing, including hyperentanglement generation, complete hyperentangled-Bell-state analysis, hyperentanglement concentration, and hyperentanglement purification for high-capacity long-distance quantum communication. Also, a scheme for hyper-controlled-not gate is introduced for hyperparallel photonic quantum computation, which can perform two controlled-not gate operations on both the polarization and spatial-mode DOFs and depress the resources consumed and the photonic dissipation.