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Contemporary trends and issues in the hospitality and tourism industry often generate opportunities and challenges. The hospitality and tourism environments are constantly changing. Customers’ needs and preferences dictate consumption and business success in the service-driven and experiential industry. This review paper explores contemporary trends and issues in Hospitality and Tourism. The review adopted a qualitative approach with a focus on the collection of secondary data and subsequent thematic analysis. The paper looks at hospitality and tourism products, services, experiences, markets and environments. It also reviews the existing opportunities and challenges in the industry. The paper lastly recommends that hospitality and tourism firms understand, embrace and take advantage of modern trends and opportunities that emerge in the environment. They should also devise strategies for managing inherent challenges in the industry.