For combining optical and ultrasonic imaging methodologies, photoacoustic imaging (PAI) is the most important and successful hybrid technique, which has greatly contributed to biomedical research and applications. Its theoretical background is based on the photoacoustic effect, whereby a modulated or pulsed light is emitted into tissue, which selectively absorbs the optical energy of the light at optical wavelengths. This energy produces a fast thermal expansion in the illuminated tissue, generating pressure waves (or photoacoustic waves) that can be detected by ultrasonic transducers. Research has shown that optical absorption spectroscopy offers high optical sensitivity and contrast for ingredient determination, for example, while ultrasound has demonstrated good spatial resolution in biomedical imaging. Photoacoustic imaging combines these advantages, i.e., high contrast through optical absorption and high spatial resolution due to the low scattering of ultrasound in tissue. In this review, we focus on advances made in PAI in the last five years and present categories and key devices used in PAI techniques. In particular, we highlight the continuously increasing imaging depth achieved by PAI, particularly when using exogenous reagents. Finally, we discuss the potential of combining PAI with other imaging techniques.