Lunar imaging spectrometers play a leading role in the study of the Moon’s mineral composition. The accuracy and reliability of the acquired data depend on the calibration process. Key stages of it include laboratory calibration, in-flight validation, on-orbit calibration, and cross-calibration. During these stages, a variety of techniques and methods are used for calibration with the aim of achieving higher radiometric accuracy when recording the spectral reflective characteristics of materials in scenes from the lunar surface. These methods include capturing well-known calibration astronomical targets and calibration sites, comparing data from previous lunar surface studies obtained from orbital devices or ground-based telescopes. On-board sources for calibration, such as lamps with a standardized emission spectrum, are also used. Capturing the Earth’s atmosphere for validation and calibration of data recorded by optical spectrometers is another method. The review presents an overview of techniques and methods used to calibrate optical spectrometers in flight to the Moon and in lunar orbit. This paper provides a review of the techniques and methods utilized for in-flight and on-orbit calibration of lunar imaging spectrometers, drawing from an extensive overview of referenced science papers.