I want to provide a hyperlinks in my hypertext or tooltips in lightning component. Is this possible or is there any work around for the same?
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I would recommend using a modal, which gives you full control over what you put into it:
We had a requirement to open additional information related to lookup fields, and accomplished this by creating a lightning component which wraps around a standard input field, and which decorates it with additional buttons, underlines etc.
You could do something similar to create a button with a question mark icon, which opens a modal with more information, including links. It would happen on click instead of mouseover, but this may be preferable depending on your use case.