Hemicellulose is one of the most important natural polysaccharides in nature. Hemicellulose from different sources varies in chemical composition and structure, which in turn affects the modification effects and industrial applications. Grain and oil by-products (GOBPs) are important raw materials for hemicellulose. This article reviews the modification methods of hemicellulose in GOBPs. The effects of chemical and physical modification methods on the properties of GOBP hemicellulose biomaterials are evaluated. The potential applications of modified GOBP hemicellulose are discussed, including its use in film production, hydrogel formation, three-dimensional (3D) printing materials, and adsorbents for environmental remediation. The limitations and future recommendations are also proposed to provide theoretical foundations and technical support for the efficient utilization of these by-products.