Peatlands cover a large area in Canada and globally (12% and 3% of the landmass, respectively). These ecosystems play an important role in climate regulation through the sequestration of carbon dioxide from, and the release of methane to, the atmosphere. Monitoring approaches, required to understand the response of peatlands to climate change at large spatial scales, are challenged by their unique vegetation characteristics, intrinsic hydrological complexity, and rapid changes over short periods of time (e.g., seasonality). In this study, we demonstrate the use of multitemporal, high spatial resolution (1 m2) hyperspectral airborne imagery (Compact Airborne Spectrographic Imager (CASI) and Shortwave Airborne Spectrographic Imager (SASI) sensors) for assessing maximum instantaneous gross photosynthesis (PGmax) in hummocks, and gravimetric water content (GWC) and carbon uptake efficiency in hollows, at the Mer Bleue ombrotrophic bog. We applied empirical models (i.e., in situ data and spectral indices) and we derived spatial and temporal trends for the aforementioned variables. Our findings revealed the distribution of hummocks (51.2%), hollows (12.7%), and tree cover (33.6%), which is the first high spatial resolution map of this nature at Mer Bleue. For hummocks, we found growing season PGmax values between 8 μmol m−2 s−1 and 12 μmol m−2 s−1 were predominant (86.3% of the total area). For hollows, our results revealed, for the first time, the spatial heterogeneity and seasonal trends for gravimetric water content and carbon uptake efficiency for the whole bog.