The invention provides a multimodal ultrasound and photoacoustic contrast agent based on polymeric microparticles having a gas core and carrying at least one photoacoustic agent in its shell that stabilizes the gas core, for use in ultrasound and photoacoustic imaging. Such multimodal ultrasound and photoacoustic contrast agent is also suitable as a carrier of drugs and for use in photodynamic therapy, and for tissue imaging ex vivo.