We propose an ultra-wide angle panoramic imaging system based on a multiplexed reflective surface, which consists of a panoramic head unit (PHU) and the relay lens group. The multiplexed reflective surface is applied in the PHU to reflect light from glass and air for imaging, obtaining the front and rear view channels, respectively. With a field of view (FoV) of 360∘×(35∘−120∘) and an f-number of four, this system has good image quality and relative illumination in the FoV. In addition, it has loose tolerance requirements and a diameter ratio of 7.2, reducing the difficulty of manufacturing and assembly. This optical system architecture provides a promising solution for panoramic perception over a wider FoV.