In this paper, we review the recent progress in the photoacoustic (PA) and thermoacoustic (TA) imaging domain. Going beyond the conventional investigation of optical/microwave absorption contrast, this review will focus more on the new developments of PA and TA imaging towards multi-contrast mechanisms, such as multimodal PA/TA imaging, viscosity imaging, temperature monitoring, Doppler detection of flow speed, etc. In addition, several interesting techniques utilizing PA/TA will be reviewed, including photoacoustic-guided optical focusing, electrical circuit modeling of PA/TA effect, TA imaging with coherent continuous-wave (CW) magnetic and radio-frequency (RF) excitations, as well as its nonlinear effect. Finally, some prospects about the further improvement of PA/TA imaging techniques are suggested, followed by the conclusion.