verb (used without object), hy·per·bo·lized, hy·per·bo·liz·ing.

to use hyperbole; exaggerate.

verb (used with object), hy·per·bo·lized, hy·per·bo·liz·ing.

to represent or express with hyperbole or exaggeration.

Also especially British, hy·per·bo·lise.

Origin of hyperbolize

First recorded in 1590–1600; hyperbole + -ize
Related formsout·hy·per·bo·lize, verb (used with object), out·hy·per·bo·lized, out·hy·per·bo·liz·ing.
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to express (something) by means of hyperbole
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012