NMR (Nuclear Magnetic Resonance) and MRI (Magnetic Resonance Imaging) are the key spectroscopic and medical imaging technology in both science and industry. However, a high cost and effort for installation and maintenance of superconducting magnets and cryogenic conditions are considered as the major obstacle in taking full advantage of NMR and MRI. One of the best ways to overcome the need for superconducting magnets is to exploit hyperpolarization, in which spins are polarized beyond the Boltzmann distribution. Of several potential hyperpolarization techniques, parahydrogen, one of the spin isomers of hydrogen, is in particular a promising tool for obtaining hyperpolarized materials and enhancing reaction monitoring sensitivities. Here, several hyperpolarization techniques including the parahydrogen-based approach will be introduced and recent research topics on parahydrogen-based hyperpolarization from our group will be discussed.