This paper describes a development of a fiber optic common-path optical coherence tomography (OCT) based imaging and guided system that possess ability to reliably identify optically transparent targets that are on the micron scale; ability to maintain a precise and safe position from the target; ability to provide spectroscopic imaging; ability to imaging biological target in 3-D. The system is based on a high resolution fiber optic Common-Path OCT (CP-OCT) that can be integrated into various mini-probes and tools. The system is capable of obtaining >70K A-scan per second with a resolution better than $3;{mu}m$. We have demonstrated that the system is capable of one-dimensional real-time depth tracking, tool motion limiting and motion compensation, oxygen-saturation level imaging, and high resolution 3-D images for various biomedical applications.