Hypnotic Underworld is an album by the band Ghost, released on January 27, 2004, on Drag City.

[3] The album has two cover songs: one of Earth and Fire's "Hazy Paradise" and one of Syd Barrett's "Dominoes".

[7] AllMusic's Sean Westergaard gave the album a very positive review, writing "Hypnotic Underworld is a new high-water mark from one of rock's most interesting bands.

"[4] Shaking Through called the album "another worthy addition to the group's idiosyncratic catalog.

"[5] Stylus Magazine's Dave Segal, while criticizing the album for meandering too long and Masaki Batoh's vocals, concluded his review with "Still, I'd rather hear Ghost's overreaching ambition and exploratory excess than the stunted machinations of most current indie rock.