Hyperelastic properties of deflated lung tissue have been characterized via an inverse finite element approach. Such properties are useful in many medical diagnosis and treatment applications where tissue deformation can be modeled to account for during the procedure. Several indentation experiments were conducted on various porcine lungs' tissue specimens resected immediately from different regions and lobes after the animals were sacrificed. Three different strain energy models, namely Ogden, Yeoh, and Polynomial, were used and respective hyperelastic parameters were obtained. The parameters for each model were estimated through an optimization process where the experimental force-displacement profiles of indentation were fitted to those obtained from finite element simulations performed specifically for the samples' geometries. Results obtained in this investigation for all the three models indicate convergence with reasonably low average fitting errors ranging from 2.3% to 6.2%. Independent tests were also performed to assess the effects of samples' heterogeneities on the obtained parameters. The outcome of these tests was encouraging and confirmed small impact of tissue inhomogeneities on the estimated parameters. The reported hyperelastic properties can, accordingly, pave the way for more accurate biomechanical modeling of the lung's soft tissue in the emerging applications of minimally invasive medical intervention for lung cancer diagnosis and treatment.