Photoacoustic imaging (PAI) is often performed simultaneously with ultrasound imaging and can provide functional and cellular information regarding the tissues in the anatomical markers of the imaging. This paper describes in detail the basic principles of photoacoustic/ultrasound (PA/US) imaging and its application in recent years. It includes near-infrared-region PA, photothermal, photodynamic, and multimode imaging techniques. Particular attention is given to the relationship between PAI and ultrasonic imaging; the latest high-frequency PA/US imaging of small animals, which involves not only B-mode, but also color Doppler mode, power Doppler mode, and nonlinear imaging mode; the ultrasonic model combined with PAI, including the formation of multimodal imaging; the preclinical imaging methods; and the most effective detection methods for clinical research for the future.