The truth is, I often use and learn from things other teachers post on the internet, so I hope maybe this time I can give a resource to someone else who is desperately googling "hyperbole" and "hyperbole lesson" and "hyperbole activity."
I started with a Powerpoint that gave the definition of hyperbole and a few examples (boring part.) Then we "spiced up" a few simple sentences by adding hyperbole to them. For example, "I'm really tired," became, "I'm so tired I could sleep for years!" (Pro tip- don't use the sentence, "My sister is pretty." Many 5th graders find their siblings rather stinky.)
Next I played song clips that contained hyperbole and showed the students the lyrics, and they identified the hyperbole. (Pro-tip 2- Don't use YouTube unless your school system's internet has greater buffering power than mine does.)
Finally, since it was Valentine's Day, the kids all used hyperbole to write a sentence or two about something or someone they really loved (giving the directive to NOT talk about boys/ girls at school. No love allowed in 5th grade). Once I checked it over, they wrote it on a die-cut heart and we glued them all to a banner to hang in the hall. Out of the whole day, I only had to veto 2 kids for writing something about a girl in the class, which isn't too bad.
Here is the final banner. "5th Grade Loves Hyperbole (a Million Times More Than Anything!)"
A couple of favorite hearts:
"If swim wasn't invented, then I would die of boredom."
"I love wings so much I could eat them 24/7." (I hear ya, kid. I hear ya.)