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The identification of drug-target binding affinity (DTA) has attracted increasing attention in the drug discovery process due to the more specific interpretation than binary interaction prediction. Recently, numerous deep learning-based computational methods have been proposed to predict the binding affinities between drugs and targets benefiting from their satisfactory performance. However, the previous works mainly focus on encoding biological features and chemical structures of drugs and targets, with a lack of exploiting the essential topological information from the drug-target affinity network. In this paper, we propose a novel hierarchical graph representation learning model for the drug-target binding affinity prediction, namely HGRL-DTA. The main contribution of our model is to establish a hierarchical graph learning architecture to incorporate the intrinsic properties of drug/target molecules and the topological affinities of drug-target pairs. In this architecture, we adopt a message broadcasting mechanism to integrate the hierarchical representations learned from the global-level affinity graph and the local-level molecular graph. Besides, we design a similarity-based embedding map to solve the cold start problem of inferring representations for unseen drugs and targets. Comprehensive experimental results under different scenarios indicate that HGRL-DTA significantly outperforms the state-of-the-art models and shows better model generalization among all the scenarios.