NMR and MRI are inherently low sensitivity techniques. Hyperpolarization technology overcomes this problem by enhancing MR signals by 10,000-fold or more. However, most hyperpolarization techniques are complex, expensive and slow. We describe hyperpolarization chemistry that is simple, low-cost, and fast or even continuous. Specifically, we describe recent advances in parahydrogen-induced polarization, combined with various MR detection schemes to establish 1) miniaturized NMR spectrometers, 2) NMR structural elucidation with reduced limits of detection, and 3) low-cost biomolecular imaging.