Recent advancements in the Neural Radiance Field (NeRF) have bolstered its capabilities for novel view synthesis, yet its reliance on dense multi-view training images poses a practical challenge. Addressing this, we propose HourglassNeRF, an effective regularization-based approach with a novel hourglass casting strategy. Our proposed hourglass is conceptualized as a bundle of additional rays within the area between the original input ray and its corresponding reflection ray, by featurizing the conical frustum via Integrated Positional Encoding (IPE). This design expands the coverage of unseen views and enables an adaptive high-frequency regularization based on target pixel photo-consistency. Furthermore, we propose luminance consistency regularization based on the Lambertian assumption, which is known to be effective for training a set of augmented rays under the few-shot setting. Leveraging the inherent property of a Lambertian surface, which retains consistent luminance irrespective of the viewing angle, we assume our proposed hourglass as a collection of flipped diffuse reflection rays and enhance the luminance consistency between the original input ray and its corresponding hourglass, resulting in more physically grounded training framework and performance improvement. Our HourglassNeRF outperforms its baseline and achieves competitive results on multiple benchmarks with sharply rendered fine details. The code will be available.