Water-based materials are commonly used in phantoms for ultrasound and optical imaging techniques. However, these materials have disadvantages such as easy degradation and low temporal stability. In this study, we propose an oil-based new tissue mimicking material for ultrasound and optical imaging, with the advantage of presenting low temporal degradation. Styrene-Ethylene/Butylene-Styrene (SEBS) copolymer in mineral oil samples were made varying the SEBS concentration between 5─15%, and low-density polyethylene (LDPE) between 0−9%. Acoustic properties such as speed of sound and attenuation coefficient were obtained by the substitution technique with frequencies ranging from 2.25─10 MHz, and were consistent to that of soft tissue. These properties were controlled varying SEBS and LDPE concentration; speed of sound from 1445─1480 m/s, and attenuation from 0.86─11.31 dB/cm were observed. SEBS gels with 0% of LDPE were optically transparent, presenting low optical absorption and scattering coefficients in the visible region of the spectrum. In order to fully characterize the optical properties of the samples, the reflectances of the surfaces were measured, along with the absorption. Scattering and absorption coefficients ranging from 400 nm to 1200 nm were calculated for each compound. The results showed that the presence of LDPE increased absorption and scattering of the phantoms. The results suggest the copolymer gels are promising for ultrasound and optical imaging, what make them also potentially useful for photoacoustic imaging.