Hyperbolic materials enable numerous surprising applications that include far-field subwavelength imaging, nanolithography, and emission engineering. The wavevector of a plane wave in these media follows the surface of a hyperboloid in contrast to an ellipsoid for conventional anisotropic dielectric. The consequences of hyperbolic dispersion were first studied in the 50's pertaining to the problems of electromagnetic wave propagation in the Earth's ionosphere and in the stratified artificial materials of transmission lines. Recent years have brought explosive growth in optics and photonics of hyperbolic media based on metamaterials across the optical spectrum. Here we summarize earlier theories in the Clemmow's prescription for transformation of the electromagnetic field in hyperbolic media and provide a review of recent developments in this active research area. "Far-field imaging device: planar hyperlens with magnification using multi-layer metamaterial," Opt. Express 16(25), 21142-21148 (2008). 18. Y. Xiong, Z. Liu, and X. Zhang, "A simple design of flat hyperlens for lithography and imaging with half-pitch resolution down to 20 nm," Appl. Phys. Lett. 94(20), 203108 (2009). 19. S. Thongrattanasiri and V. A. Podolskiy, "Hypergratings: nanophotonics in planar anisotropic metamaterials,"Opt. Lett. 34(7), 890-892 (2009). 20. L. Verslegers, P. B. Catrysse, Z. Yu, and S. Fan, "Deep-subwavelength focusing and steering of light in an aperiodic metallic waveguide array," Phys. using a hyperbolic medium with a single slit," Appl. Opt. 50(31), G27-G30 (2011). 24. S. Ishii, A. V. Kildishev, E. Narimanov, V. Shalaev, and V. P. Drachev, "Sub-wavelength interference pattern from volume plasmon polaritons in a hyperbolic medium," Laser Photonics Rev. 7(2), 265-271 (2013). 25. J. Kim, V. P. Drachev, Z. Jacob, G. V. Naik, A. Boltasseva, E. E. Narimanov, and V. M. Shalaev, "Improving the radiative decay rate for dye molecules with hyperbolic metamaterials," Opt. Express 20(7), 8100-8116 (2012). 26. G. V. Naik, J. Liu, A. V. Kildishev, V. M. Shalaev, and A. Boltasseva, "Demonstration of Al:ZnO as a plasmonic component for near-infrared metamaterials," "Negative refraction in semiconductor metamaterials," Nat. Mater. 6(12), 946-950 (2007). 28.