In this paper, we discuss the cone of copositive tensors and its approximation. We describe some basic properties of copositive tensors and positive semidefinite tensors. Specifically, we show that a non-positive tensor (or Z-tensor) is copositive if and only if it is positive semidefinite. We also describe cone hierarchies that approximate the copositive cone. These hierarchies are based on the sum of squares conditions and the non-negativity of polynomial coefficients. We provide a compact representation for the approximation based on the non-negativity of polynomial coefficients. As an immediate consequence of this representation, we show that the approximation based on the non-negativity of polynomial coefficients is polyhedral. Furthermore, these hierarchies are used to provide approximation results for optimizing a (homogeneous) polynomial over the simplex.