The talk will be dedicated to the review of our studies of hyperbolic metamaterials — one of the most unusual classes of electromagnetic metamaterials. They display hyperbolic (or indefinite) dispersion, which originates from one of the principal components of their electric or magnetic effective tensor having the opposite sign to the other two principal components. Such anisotropic structured materials exhibit distinctive properties, including strong enhancement of spontaneous emission, diverging density of states, negative refraction and enhanced superlensing effects.