1. Click Insert in the ribbon, and then click Shape, then you can select a rectangle shape.

2. Drawing a rectangle in the text that you want to insert hyperlink. And the rectangle will shade the text. See screenshot:

3. Then click the rectangle and right-click, and choose the Format Shape from the menu, and then a Format Shape dialog box will pop out. Click Fill in the left pane, and check No fill in the right pane. See screenshot:

4. Go on clicking Line Color in the left pane, and check No line in the right pane.

5. Then click Close button. And the rectangle has been changed transparently. See screenshot:

6. Put the cursor at the transparent rectangle, and right-click, choose Hyperlink from the menu, and then you can specify the file or enter the address to be hyperlinked.

With this method, repeat the above steps, you can insert the second or multiple hyperlinks into an Excel cell.

Sometimes, you many add multiple hyperlinks for many cells. If you have listed some hyperlinks in Excel already, you can apply Kutools for Excel's Convert Hyperlinks utility to add these hyperlinks for specified cells easily.

1. Click the Kutools > Links > Convert Hyperlinks.

2. In the opening Convert Hyperlinks dialog box, you need to:
(1) Check the Cell content replace hyperlinks address option;
(2) In the Input range box, select the Browse button  and specify the range of hyperlinks;
(3) In the Result range, select the Browse button  and specify the first cell of string range that you will add hyperlinks for.

3. Click the Ok button. Then you will see all hyperlinks are added for corresponding cells at once.

4. It's optional for you to delete the hyperlinks range.

One click to delete all hyperlinks in selected range, active sheet, or active workbook

For removing multiple hyperlinks in a selected range, Kutools for Excel’s Delete Hyperlinks utility can help you archive with just one click. This utility can also delete all hyperlinks in active sheet, selected sheets, or active workbook with just one click. See screenshot below.