An acousto-optic tunable filter (AOTF)-based system for dual-modality hyperspectral imaging (DMHSI) has been developed for use in characterization of normal and malignant mouse tissue. The system consists of a laser, endoscope, AOTF, and two cameras coupled with optics and electronics. Initial results show that the system can delineate normal and malignant mouse tissues real-time. The analysis shows that malignant tissues consistently exhibit less fluorescent intensity in the wavelength band from 440 to 540 nm with a peak intensity of around 490 nm. The analysis also shows key spectroscopic differences between normal and malignant tissues. Further, these results are compared to real-time spectroscopic data and show good correlation.