In this thesis, research work concerning studies and applications of hyperpolarized 129-Xe is presented. The research includes two projects. The first project is the measurement and interpretation of the spin-exchange rates between 129-Xe and three alkali metals Rb, Cs, and K, for the cell density range of 0.2-0.7 amagats, with the alkali number densities directly measured by the Faraday rotation method. The determination of the constants governing the spin-exchange process provides a better understanding of the spin-exchange optical pumping method that is used to polarize 129-Xe, and it helps the optimization of mass production of hyperpolarized 129-Xe. The second project of the research work involves the construction of a low readout field imaging system, which is capable of producing magnetic resonance images using both water and hyperpolarized 129-Xe as imaging agents, under a low readout magnetic field, and is the first of its kind at room temperature.