In addition to cellulose and lignin, hemicellulose is an important biomass material. Recently, hemicellulose and its derivatives and materials have attracted increasing attention owing to their unique structures, improved properties, and promising application potential, and many reports on the extraction, isolation, and modification of hemicellulose are currently available. We summarized the recent developments of hemicellulose and its derivatives and materials by focusing on the extraction, purification, and modification of hemicellulose. The synthesis of hemicellulose-based derivatives and materials was also reviewed. Various methods of extracting, isolating, and modifying hemicellulose were discussed. Remaining challenges related to hemicellulose extraction, purification, and application were mentioned, and directions for further research on hemicellulose were proposed.