Experimental analyses of surface oscillations are reported in acoustically levitated, radiatively heated bicomponent droplets with one volatile and other being nonvolatile. Two instability pathways are observed: one being acoustically driven observed in low-vapor pressure fluid droplets and other being boiling driven observed in high-vapor pressure fluid droplets. The first pathway shows extreme droplets deformation and subsequent breakup by acoustic pressure and externally supplied heat. Also transition of instabilities from acoustically activated shape distortion regime to thermally induced boiling regime is observed with increasing concentration of volatile component in bicomponent droplets. Precursor phases of instabilities are investigated using Legendre’s polynomial.