A panoramic camera is a large field of view fast image acquisition device which uses the once imaging technique to obtain a 360 degree scene around it. In this paper, the single fisheye lens imaging model, the double fisheye panoramic camera model and the image transformation principle are studied respectively .The method of calibration of the parameters of fisheye lens imaging distortion is studied, and the correction of fish image distortion is realized. We stdudy the method of obtaining threedimensional space points by the double fisheye panoramic camera. Moreover, the mathematical model of the equivalent fisheye lens imaging data in either direction is proposed by the panoramic image data. Finally, the 3D coordinate data of the measured scenes are obtained by using the parallel axis binocular stereo vision technology. The results show that the accuracy of this method can reach 13 mm within the measurement range of 4 m×3 m×3 m.