Osteoarthritis (OA) is the most common musculoskeletal disease globally and is the main reason for the chronic pain and disability in people over sixty-five worldwide. Degradation of the articular cartilage, synovial inflammation and osteophyte formation are widely acknowledged as the primary pathological manifestations of OA. OA affects more than 300 million people all over the world, bringing extremely large socioeconomic burden. Unfortunately, there's so far, no disease-modified drugs to treat it, and techniques for early detection are absent. Photoacoustic imaging is a promising imaging method based on photothermal effects, which shows enormous potential in precisely monitoring the development of OA and tracking the drug treatment progress. Photothermal therapy is a non-invasive treatment curing diseases by converting the energy from light to heat through tissue absorption. Ample research evidence verifies the efficacy of photothermal therapy in treating OA. This narrative review covered recent advances of photosensitive nanomaterials applied in OA and illustrated the potential of them in diagnosing and treating OA, hoping it could pave the way for the following theranostics and clinical transition of OA.