Hydrothermal treatment of a mixture of ethylene diamine, phosphoric acid and citric acid under ambient pressure generates fluorescent carbon dots that are co-doped with phosphorus and nitrogen. These have features such as (a) both green fluorescence (peaking at 430 nm; 30% quantum yield) and red fluorescence (peaking at 500 nm, quantum yield 78%), (b) wavelength-dependent emission peaks, and (c) insensitivity to changes of pH values, dot concentration and ionic strength. The C-dots are useful for both fluorescent (FL) and photoacoustic (PA) imaging of living tissue. PA imaging warrants better spatial resolution and allows deeper tissues to be imaged compared to most optical imaging techniques. It is essential to assign a photoacoustic contrast agent as most of the diseases do not show a natural photoacoustic contrast in their early stage. The dually emitting C-dots are shown to be a useful contrast agent for PA and FL imaging of mice tumors. Intravenous administration of the C-dots resulted in strong signals in both PA and FL imaging.