The withering and fermentation degrees are the key parameters to measure the processing technology of black tea. The traditional methods to judge the degree of withering and fermentation are time-consuming and inefficient. Here, a monitoring model of the biochemical components of tea leaves based on hyperspectral imaging technology was established to quantitatively judge the withering and fermentation degrees of fresh tea leaves. Hyperspectral imaging technology was used to obtain the spectral data during the withering and fermentation of the raw materials. The successive projections algorithm (SPA), competitive adaptive reweighted sampling (CARS), and uninformative variable elimination (UVE) are used to select the characteristic bands. Combined with the support vector machine (SVM), random forest (RF), and partial least square (PLS) methods, the monitoring models of the tea polyphenols (TPs), free amino acids (FAA) and caffeine (CAF) contents were established. The results show that: (1) CARS performs the best among the three feature band selection methods, and PLS performs the best among the three machine learning models; (2) the optimal models for predicting the content of the TPs, FAA, and CAF are CARS-PLS, SPA-PLS, and CARS-PLS, respectively, and the coefficient of determination of the prediction set is 0.91, 0.88, and 0.81, respectively; and (3) the best models for quantitatively judging the withering and fermentation degrees are FAA-SPA-PLS and TPs-CARS-PLS, respectively. The model proposed in this study can improve the monitoring efficiency of the biochemical components of tea leaves and provide a basis for the intelligent judgment of the withering and fermentation degrees in the process of black tea processing.