We consider moment functions of higher order. In our earlier paper, we have already investigated the moment functions of higher order on groups. The main purpose of this work is to prove characterization theorems for moment functions on the multivariate polynomial hypergroups and on the Sturm–Liouville hypergroups. In the first case, the moment generating functions of higher rank are partial derivatives (taken at zero) of the composition of generating polynomials of the hypergroup and functions whose coordinates are given by the formal power series. On Sturm–Liouville hypergroups the moment functions of higher rank are restrictions of even smooth functions that also satisfy certain boundary value problems. The second characterization of moment functions of higher rank on Sturm–Liouville hypergroups is given by means of an exponential family. In this case, the moment functions of higher rank are partial derivatives of an appropriately modified exponential family again taken at zero.