Contrast agents are widely used in ultrasound imaging. Many imaging techniques have been developed to improve the contrast between tissue and the agents, based on the nonlinear response of microbubbles. In this study, heterodyne excitation was introduced and was compared with traditional sinusoidal signal and chirp excitation for visualizing polymer-shelled microbubbles and degassed water in a tissue-mimicking phantom. Pulse inversion technique was implemented under plane wave (PW) and focused imaging mode. Image enhancement was evaluated by contrast-to-tissue ratio (CTR) at different transmitting peak negative pressures (PNPs). Experimental results showed that heterodyne excitation had a better suppression effect on tissue signals in PW imaging. The CTR reached an approximation of 17 dB at a low peak negative pressure, which was much higher compared to other excitations. In focused wave imaging, a saturation threshold of CTR was observed for the sinusoidal wave burst and chirp excitation at high PNPs. Heterodyne excitation showed considerable contrast-to-noise ratio under both imaging modes. The response of a polymer-shelled microbubble under heterodyne excitation was simulated. Simulations suggest that in future work, specific filters are required to extract the nonlinear components, such as at the two-peak frequencies around fundamental frequency, to achieve a better image enhancement effect.