We review the properties of hyperbolic metamaterials and show that they are promising candidates as substrates for nanoimaging, nanosensing, fluorescence engineering, and controlling thermal emission. Hyperbolic metamaterials can support unique bulk modes, tunable surface plasmon polaritons, and surface hyperbolic states (Dyakonov plasmons) that can be used for a variety of applications. We compare the effective medium predictions with practical realizations of hyperbolic metamaterials to show their potential for radiative decay engineering, bioimaging, subsurface sensing, metaplasmonics, and super-Planckian thermal emission.