Conventional photoacoustic imaging (PAI) systems use bulky and high-cost laser sources to derive functional and molecular information of the tissue. Recently, light emitting diodes (LED) have emerged as an affordable and compact alternative illumination source for PAI. Despite their low energies, LEDs have provided sufficient photoacoustic contrast for in vivo imaging of mice and for certain clinical applications. This is largely due to PA signal averaging allowed by higher repetition rates of the LEDs without compromising on video frame rate photoacoustic imaging. In this work, using multiple in vivo and phantom experiments, we demonstrate the potential of LED-based photoacoustic and ultrasound imaging (2-D and 3-D) for real-time functional, molecular and structural characterization of tissue. This includes photoacoustic derived functional oxygen saturation information and mapping molecules such as melanin, methylene blue and indocyanine green, and ultrasound derived anatomical information of tissue. These results demonstrate that LED-based PA and US imaging hold strong potential for accelerating several pre-clinical and clinical applications, especially in resource-poor settings.