The biomedical applications of fluorescence/photoacoustic imaging and phototherapy have attracted more and more attention. However, many fluorescent/photoacoustic contrast agents have some common problems, such as poor biocompatibility, lack of tumor targeting, low signal-to-noise ratio, single function and so on, which seriously limit their application in diagnosis and treatment. Hyaluronic acid (HA) exhibits excellent biocompatibility and active tumor targeting, can be degraded by hyaluronidase, and is easy to be chemically modified and realize the cooperation of a variety of supramolecular weak interactions. Therefore, HA has been combined with fluorescent/photoacoustic contrast agents to prepare nanomaterials, which greatly improves the labeling performance and therapeutic effects in cells and even in vivo. In this paper, the preparation methods of nanomaterials by combining these two kinds of materials are reviewed, and the relationships between the structure and performance of nanomaterials are emphasized, which provides guidance for their future design and development. Finally, the main problems and important research directions in the future are analyzed and prospected.