Advances in nanotechnology have prompted rapid progress and versatile imaging modalities for diagnostics and treatment of diseases. Molecular imaging is a powerful technique for quantifying physiological changes in vivo using noninvasive imaging probes. These probes are used to image specific cells and tissues within a whole organism. Currently, imaging is an essential part of clinical protocols providing morphological, structural, metabolic and functional information. Using theranostic micro- or nanoparticles, which combine both therapeutic and diagnostic capabilities in one single entity, holds a true promise to propel the biomedical field toward personalized medicine. With this approach, biological processes can be directly and simultaneously monitored with the treatment of the diseases. This mini-review highlights the recent innovative diagnostic imaging aspects of porous silicon (PSi) materials and emphasizes their potential as theranostic platforms and tools for the clinic. Multiple biomedical imaging applications of the PSi materials are also outlined.