Optical phantoms are widely used for evaluating the performance of biomedical optical modalities, and hence, absorbing and scattering materials are required for the construction of optical phantoms. Towards that aim, new readily available and inexpensive black Ink (Parker) as a simulating absorber as well as Intralipid 20% as a simulating scatterer are thoroughly investigated. Broadband Transmittance and Diffuse reflectance spectroscopic measurements were performed in the visible range 400–700 nm. Optical properties of the phantom materials are determined. Analytical expressions for absorption and scattering coefficient related to the concentrations and wavelength of the Parker ink and Intralipid are also presented and discussed. The results show nonlinear trend in the absorption coefficient of Parker ink over the examined visible spectral range. Furthermore, Intralipid scattering coefficient variation across the mentioned spectral range shows a tissue-like scattering trend. The findings demonstrate the capability of the broadband transmission and diffuse reflectance for characterizing tissue-like phantom materials in the examined spectral range.