With the rapid development of the virtual reality industry, one of the bottlenecks is the scarcity of video resources. How to capture high-definition panoramic video with depth information and real-time stereo display has become a key technical problem to be solved. In this paper, the optical optimization design scheme of panoramic imaging based on binocular stereo vision is proposed. Combined with the real-time processing algorithm of multi detector mosaic panoramic stereo imaging image, a panoramic stereo real-time imaging system is developed. Firstly, the optical optimization design scheme of panoramic imaging based on binocular stereo vision is proposed, and the space coordinate calibration platform of ultra-high precision panoramic camera based on theodolite angle compensation function is constructed. The projection matrix of adjacent cameras is obtained by solving the imaging principle of binocular stereo vision. Then, a real-time registration algorithm of multi-detector mosaic image and Lucas-Kanade optical flow method based on image segmentation are proposed to realize stereo matching and depth information estimation of panoramic imaging, and the estimation results are analyzed effectively. Experimental results show that the stereo matching time of panoramic imaging is 30 ms, the registration accuracy is 0.1 pixel, the edge information of depth map is clearer, and it can meet the imaging requirements of different lighting conditions.