While multimodal large language models (MLLMs) have made significant strides in natural image understanding, their ability to perceive and reason over hyperspectral image (HSI) remains underexplored, which is a vital modality in remote sensing. The high dimensionality and intricate spectral-spatial properties of HSI pose unique challenges for models primarily trained on RGB data.To address this gap, we introduce Hyperspectral Multimodal Benchmark (HM-Bench), the first benchmark designed specifically to evaluate MLLMs in HSI understanding. We curate a large-scale dataset of 19,337 question-answer pairs across 13 task categories, ranging from basic perception to spectral reasoning. Given that existing MLLMs are not equipped to process raw hyperspectral cubes natively, we propose a dual-modality evaluation framework that transforms HSI data into two complementary representations: PCA-based composite images and structured textual reports. This approach facilitates a systematic comparison of different representation for model performance. Extensive evaluations on 18 representative MLLMs reveal significant difficulties in handling complex spatial-spectral reasoning tasks. Furthermore, our results demonstrate that visual inputs generally outperform textual inputs, highlighting the importance of grounding in spectral-spatial evidence for effective HSI understanding. Dataset and appendix can be accessed at https://github.com/HuoRiLi-Yu/HM-Bench.