A system and method are presented for use in imaging the patient's retina. A light source unit is provided including a light emitting diode (LED) arrangement comprising multiple LEDs of different wavelength ranges. A light guide arrangement is used with the LEDs arrangement and is configured for coupling light from the LEDs and providing output light beams of a desired shape. The illuminating light is directed towards a region on the retina, and light returned from the illuminated region is collected and directed to an image detector unit. The invention enables the use of LED light at high intensity as required in the eye retina imaging, while maintaining the required high-quality imaging. Also, the invention provides for simultaneous or quasi-simultaneous as well as high-speed imaging in FA and ICG imaging procedures, thereby satisfying a long felt need in ophthalmology. Also, the invention provides for automated illumination or light exposure control to optimize overall light exposure to the patient eye and best acquired image quality in terms of brightness, contrast and image signal-to-noise ratio.