An imaging system for acquisition of NIR and full-color images includes a light source providing visible light and NIR light to an area under observation, such as living tissue, a camera having one or more image sensors configured to separately detect blue reflectance light, green reflectance light, and combined red reflectance light /detected NIR light returned from the area under observation. A controller in signal communication with the light source and the camera is configured to control the light source to continuously illuminate area under observation with temporally continuous blue/green illumination light and with red illumination light and NIR excitation light. At least one of the red illumination light and NIR excitation light are switched on and off periodically in synchronism with the acquisition of red and NIR light images in the camera.