Despite the prevalence of hypergraphs in a variety of high-impact applications, there are relatively few works on hypergraph representation learning, most of which primarily focus on hyperlink prediction, and are often restricted to the transductive learning setting. Among others, a major hurdle for effective hypergraph representation learning lies in the label scarcity of nodes and/or hyperedges. To address this issue, this paper presents an end-to-end, bi-level pre-training strategy with Graph Neural Networks for hypergraphs. The proposed framework named HyperGRL bears three distinctive advantages. First, it is mainly designed in the self-supervised fashion which has broad applicability, and meanwhile it is also capable of ingesting the labeling information when available. Second, at the heart of the proposed HyperGRL are two carefully designed pretexts, one on the node level and the other on the hyperedge level, which enable us to encode both the local and the global context in a mutually complementary way. Third, the proposed framework can work in both transductive and inductive settings. When applying the two proposed pretexts in tandem, it can accelerate the adaptation of the knowledge from the pre-trained model to downstream applications in the transductive setting, thanks to the bi-level nature of the proposed method. Extensive experiments demonstrate that: (1) HyperGRL achieves up to 5.69% improvements in hyperedge classification, and (2) improves pre-training efficiency by up to 42.80% on average1.