Hyperbolic metamaterials were originally introduced to overcome the diffraction limit of optical imaging. Soon thereafter it was realized that hyperbolic metamaterials demonstrate a number of novel phenomena resulting from the broadband singular behavior of their density of photonic states. These novel phenomena and applications include super resolution imaging, new stealth technologies, enhanced quantum-electrodynamic effects, thermal hyperconductivity, superconductivity, and interesting gravitation theory analogues. Here we briefly review typical material systems, which exhibit hyperbolic behavior and outline important novel applications of hyperbolic metamaterials. In particular, we will describe recent imaging experiments with plasmonic metamaterials and novel VCSEL geometries, in which the Bragg mirrors may be engineered in such a way that they exhibit hyperbolic metamaterial properties in the long wavelength infrared range, so that they may be used to efficiently remove excess heat from the laser cavity. We will also discuss potential applications of three-dimensional self-assembled photonic hypercrystals, which are based on cobalt ferrofluids in external magnetic field. This system bypasses 3D nanofabrication issues, which typically limit metamaterial applications. Photonic hypercrystals combine the most interesting features of hyperbolic metamaterials and photonic crystals. (C) 2017 Elsevier Ltd. All rights reserved.