Medicine has gone through several challenges to make it much more accurate and thus prolong the human being's life. A large part of this challenge is diseased, so early detection can help carry out treatment on time. There is a technology that allows detecting an abnormality within the body without using an invasive method. Ultrasound is a diagnostic test used to scan organs and tissues through sound waves. Although this technique has been widely used, the results are not desired because the images generated are not high resolution. On the other hand, X-rays are used because it presents an image with a much higher resolution than other techniques based on light waves or ultrasound; despite this, they are harmful to cells. In consequence of this problem, another method called molecular photoacoustic imaging has been implemented. This technique bridges the traditional depth limits of ballistic optical imaging and diffuse optical imaging's resolution limits, using the acoustic waves generated in response to laser light absorption, which has now shown potential for molecular imaging, allowing the visualization of biological processes in a non-invasive way. The purpose of this article is to give a critically scoped review of the physical, chemical, and biochemical characteristics of existing photoacoustic contrast agents, highlighting the pivotal applications and current challenges for molecular photoacoustic imaging.