Soil contamination by heavy metals is an increasingly important problem worldwide. Quick and reliable access to heavy metal concentration data is crucial for soil monitoring and remediation. Visible and near-infrared reflectance spectroscopy, which is known as a noninvasive, cost-effective, and environmentally friendly technique, has potential for the simultaneous estimation of the various heavy metal concentrations in soil. Moreover, it provides a valid alternative method for the estimation of heavy metal concentrations over large areas and long periods of time. This paper reviews the state of the art and presents the mechanisms, data, and methods for the estimation of heavy metal concentrations by the use of visible and near-infrared reflectance spectroscopy. The challenges facing the application of hyperspectral images in mapping soil contamination over large areas are also discussed.