The invention relates to a hyperspectral imaging system and method based on sparse aperture compressing calculation correlation. The system comprises a sparse aperture unit, a free space collimation unit, a light beam reflecting unit, a beam spot combining unit, a mapping lens, a random optical modulation unit, a light expanding beam collimation unit, a spectrum light splitting unit, a convergence light collecting unit, an array light detector and a compressing calculation correlation module. Light signals on all light paths are respectively projected to the beam spot combining lens, a sparse aperture direct image is mapped to the random optical modulation unit, a sparse aperture imagining light field is modulated at random, a modulated light field strength signal enters the spectrum light splitting lens in an incidence mode, and then light field strength signals with different wavelengths are generated. The linear array light detector collects the light signals with the different wavelengths to form a measuring sequence of the different wavelengths. The random optical modulated matrix and a plurality of measuring sequences, measured in the synchronizing cycle, of the different wavelengths are transferred to the compressing calculation correlation module, images with the different wavelengths are reconstructed, and a real-time and high-resolution hyperspectral image is obtained.