Hyperlinks

This sounds like an interesting problem. My VBA is VERY weak, but buy posting here, I will get you back to the top of the lis, so others can see it.

Sure, you'd send request via winhttp and check returned status.

Assuming hyperlinks are all stored in cell(s) and that the column next to it is where status will be recorded.

Function to test link

Function TestLink(url As String) As Boolean
    Dim mylink As Hyperlink
    On Error GoTo ErrHandle:
        With CreateObject("WinHttp.WinHttpRequest.5.1")
            .Open "HEAD", url
            .Send
            If .Status = 200 Then
                res = True
            Else
                res = False
            End If
        End With
        TestLink = res
        Exit Function
ErrHandle:
        TestLink = False
End Function

You can use it like...

Sub Demo()
Dim mylink As Hyperlink

For Each mylink In Worksheets(1).Hyperlinks
    mylink.Range.Offset(, 1).Value = TestLink(mylink.Address)
Next
End Sub

Result:
0.JPG

Note: Since I originally intended to check in code, result is set to Boolean. You can set it to String and change True to "Good", False to "Bad" if you like.

Are the hyperlinks to web sites, external files on a file system (local or network share) or are they links to internal content (like other cells)?

Testing the above, off the top of my head, would work differently depending on what you need to check.