A microbubble is used as a multi-modality contrast agent for photoacoustic imaging and ultrasound imaging. A method of preparing improved microbubbles that are used as a multi-modality contrast agent for photoacoustic imaging and ultrasound imaging is provided. The microbubble includes a dye-colored lipid shell and a filling gas filling the inside of the lipid shell. The method of preparing microbubbles includes agitating a dye-colored lipid-containing solution in the presence of filling gas.
