To convert a negative number into hexadecimal format, two primary methods are used: sign bit representation and two's complement. The sign bit method uses the most significant bit (MSB) to indicate negativity, while two's complement involves inverting the bits and adding one, allowing for straightforward arithmetic operations. Two's complement is favored due to its efficiency in logic gate implementation and the ability to directly add negative and positive numbers. Other methods like one's complement and excess-n notation exist, but they are less common due to issues such as the representation of positive and negative zero. Overall, two's complement remains the standard for representing negative numbers in binary systems.