Big data is transforming scientific progress by enabling the discovery of novel models, enhancing existing frameworks, and facilitating precise uncertainty quantification, while advancements in scientific machine learning complement this by providing powerful tools to solve inverse problems to identify the complex systems where traditional methods falter due to sparse or noisy data. We introduce two innovative neural operator frameworks tailored for discovering hidden physics and identifying unknown system parameters from sparse measurements. The first framework integrates a popular neural operator, DeepONet, and a physics-informed neural network to capture the relationship between sparse data and the underlying physics, enabling the accurate discovery of a family of governing equations. The second framework focuses on system parameter identification, leveraging a DeepONet pre-trained on sparse sensor measurements to initialize a physics-constrained inverse model. Both frameworks excel in handling limited data and preserving physical consistency. Benchmarking on the Burgers' equation and reaction-diffusion system demonstrates state-of-the-art performance, achieving average $L_2$ errors of $\mathcal{O}(10^{-2})$ for hidden physics discovery and absolute errors of $\mathcal{O}(10^{-3})$ for parameter identification. These results underscore the frameworks' robustness, efficiency, and potential for solving complex scientific problems with minimal observational data.