Photoacoustic tomography (PAT), a promising medical imaging method that combines optical and ultrasound techniques, has been developing for decades mostly in preclinical application. A recent trend is to utilize the economical laser source to develop a low-cost sensing and imaging system, which aims at an affordable solution in clinical application. These low-cost laser sources have different modulation modes such as pulsed modulation, continuous modulation and coded modulation to generate different profiles of PA signals in photoacoustic (PA) imaging. In this paper, we review the recent development of the photoacoustic sensing and imaging based on the economical laser sources such as laser diode (LD) and light-emitting diode (LED) in different kinds of modulation types, and discuss several representative methods to improve the performance of such imaging systems based on low-cost laser sources. Finally, some perspectives regarding the future development of portable PAT systems are discussed, followed by the conclusion.