This talk presents some results of recent theoretical studies on rare hyperon decays which are potentially sensitive to signals of new physics beyond the standard model. These processes may be probed in the ongoing BESIII and LHCb experiments. In particular, the rates of hyperon decays with missing energy may be significantly enhanced by new physics to levels potentially detectable by BESIII. Also of interest are lepton-flavor-violating hyperon decays, which are forbidden in the standard model and which may be searched for by LHCb in the near future.