Optoacoustic (photoacoustic) imaging has seen marked technological advances in detection and data analysis, but there is less progress in understanding the photophysics of optoacoustic signal generation of commonly used contrast agents, such as dyes and chromoproteins. This gap blocks the precise development of novel agents and the accurate analysis and interpretation of Multispectral Optoacoustic Tomography (MSOT) images. To close it, we developed a multimodal laser spectrometer (MLS) to enable the simultaneous measurement of optoacoustic, absorbance, and fluorescence spectra. MLS provides reproducible, high-quality optoacoustic (non-radiative) spectra by using correction and referencing workflow. Herein, we employ MLS to analyze several common dyes (Methylene Blue, Rhodamine 800, Alexa Fluor 750, IRDye 800CW and Indocyanine green) and proteins (sfGFP, mCherry, mKate, HcRed, iRFP720 and smURFP) and shed light on their internal conversion properties. Our data shows that the optical absorption spectra do not correlate with the optoacoustic spectra for the majority of the analytes. We determine that for dyes, the transition underlying the high energy shoulder, which mostly correlates with an aggregation state of the dyes, has significantly more optoacoustic signal generation efficiency than the monomer transition. Our analyses for proteins point to a favored vibrational relaxation and optoacoustic signal generation that stems from the neutral or zwitterionic chromophores. We were able to crystalize HcRed in its optoacoustic state, confirming the change isomerization respect to its fluorescence state. Such data is highly relevant for the engineering of tailored contrast agents for optoacoustic imaging. Furthermore, discrepancies between absorption and optoacoustic spectra underline the importance of correct spectral information as a prerequisite for the spectral-unmixing schemes that are often required for in vivo imaging. Finally, optoacoustic spectra of some of the most commonly used proteins and dyes in optical imaging, recorded on our MLS, reveal previously unknown photophysical characteristics, such as unobserved photo-switching behavior.We introduce herein a multi-modal laser spectrometer (MLS) that allows us to measure optoacoustic spectra with high precision and spectral resolution, concomitantly with absorption, and fluorescence spectra. Key characteristics of this system are i) illumination with pulsed lasers, similar to OA imaging; ii) homogenization of fluence for all measured wavelengths; iii) in-line reference and correction to overcome laser instabilities; iv) simultaneous detection of fluorescence excited by the laser pulse, and v) simultaneous absorbance measurement. In contrast to other devices for recording OA spectra, which required samples with high concentrations and/or large volumes (Laufer et al., 2013;Schneider and Coufal, 1982;Teng and Royce, 1980), our MLS requires only 200 µL of minimum 0.2 optical density (OD) concentration for high-quality, reproducible spectra (R2 > 0.95). This high sp...