This paper introduces a new system that can monitor auroras and atmospheric airglows using a low-cost Watec monochromatic imager (WMI) equipped with a sensitive camera, a filter with high transmittance, and the optics which do not make parallel ray paths. The WMI system with 486-nm, 558-nm, and 630-nm band-pass filters has observable luminosity of about ~200-4000 Rayleigh for 1.07-sec exposure time and about ~40-1200 Rayleigh for 4.27-sec exposure time, for example. It is demonstrated that the WMI system is capable of detecting 428-nm auroral intensities properly, through comparison with those measured with a collocated electron-multiplying charge-coupled device (EMCCD) imager system with narrower band-pass filter. The WMI system has two distinct advantages over the existing system: One makes it possible to reduce overall costs, and the other is that it enables the continuous observation even under twilight and moonlight conditions. Since 2013 a set of multi-wavelength WMIs has been operating in northern Scandinavia, Svalbard, and Antarctica to study meso-and large-scale aurora and airglow phenomena. Future development of the low-cost WMI system is expected to provide a great opportunity for constructing a global network for multi-wavelength aurora and airglow monitoring.