Tiegun yam is a typical food and medicine agricultural product, which has the effects of nourishing the kidney and benefitting the lungs. The quality and price of Tiegun yam are affected by its origin, and counterfeiting and adulteration are common. Therefore, it is necessary to establish a method to identify the origin and index component contents of Tiegun yam. Hyperspectral imaging combined with chemometrics was used, for the first time, to explore and implement the identification of origin and index component contents of Tiegun yam. The origin identification models were established by partial least squares-discriminant analysis (PLS-DA), support vector machine (SVM), and random forest (RF) using full wavelength and feature wavelength. Compared with other models, MSC-PLS-DA is the best model, and the accuracy of the training set and prediction set is 100% and 98.40%. Partial least squares regression (PLSR), random forest (RF), and support vector regression (SVR) models were used to predict the contents of starch, polysaccharide, and protein in Tiegun yam powder. The optimal residual predictive deviation (RPD) values of starch, polysaccharide, and protein prediction models selected in this study were 5.21, 3.21, and 2.94, respectively. The characteristic wavelength extracted by the successive projections algorithm (SPA) method can achieve similar results as the full-wavelength model. These results confirmed the application of hyperspectral imaging (HSI) in the identification of the origin and the rapid nondestructive prediction of starch, polysaccharide, and protein contents of Tiegun yam powder. Therefore, the HSI combined with the chemometric method was available for conveniently and accurately determining the origin and index component contents of Tiegun yam, which can expect to be an attractive alternative method for identifying the origin of other food.