Photoacoustic (PA) imaging is a non-invasive, non-ionizing imaging technology with high optical contrast between blood and tissue, and with high sensitivity of hemoglobin concentration and oxygen saturation due to different optical absorption spectra resulting from different oxygenation of hemoglobin. Most PA imaging systems implement a nanosecond pulsed laser source as excitation source to induce PA signal, and rely on broadband amplifiers to record time-domain PA signals [1-6]. Some groups, however, have reported using modulated continuous-wave lasers as an excitation source for frequency-domain imaging [7-9]. Frequency-domain imaging offers the potential of lock-in amplification which has sensitivities as low as nV even in noise orders of magnitude higher than the signal. However, although modulated CW sources works for low cost and compact PA imaging, it does not satisfy thermal and stress confinement conditions required for optimal PA signal strength. Here, we investigate a PA methodology using pulsed fiber lasers as excitation laser source combined with lock-in amplification technology. For comparison, we also studied time-domain PA methodology. Phantom studies show that signal-to-noise ratio (SNR) obtained with frequency domain PA imaging is significantly more sensitive than that obtained using time-domain PA imaging when the laser pulse repetition rate (PRR) matches the bandwidth of ultrasound transducer. Therefore, high sensitive PA imaging technology using pulsed fiber laser sources with lock-in amplification may potentially greatly extend the depth of PA imaging.