Color index and water content are important indicators for evaluating the quality of fresh-cut potato tuber slices. In this study, hyperspectral imaging combined with multivariate analysis was used to detect the color parameters (L*, a*, b*, Browning index (BI), L*/b*) and water content of fresh-cut potato tuber slices. The successive projections algorithm (SPA) and competitive adaptive reweighted sampling (CARS) were used to extract characteristic wavelengths, partial least squares (PLS) and least squares support vector machine (LS-SVM) were utilized to establish regression models. For color prediction, R2c, R2p and RPD of all the LSSVM models established for the five color indicators L*, a*, b*, BI, L*/b* were exceeding 0.90, 0.84 and 2.1, respectively. For water content prediction, R2c, R2p, and RPD of the LSSVM models were over 0.80, 0.77 and 1.9, respectively. LS-SVM model based on full spectra was used to reappear the spatial distribution of color and water content in fresh-cut potato tuber slices by pseudo-color imaging since it performed best in most cases. The results illustrated that hyperspectral imaging could be an effective method for color and water content prediction, which could provide solid theoretical basis for subsequent grading and processing of fresh-cut potato tuber slices.