The invention provides a multifunctional panorama video splicing method comprising steps of: acquiring stereo video stream data of different angles captured by multiple video cameras, GPS data, INS data, and 2DGIS data; determining whether GPS time and INS time are synchronous or not, a GPS position and an INS position are synchronous or not, and videos in various channels are synchronous or not; analyzing, compressing, analyzing and extracting, and storing video data and spatial positional information; calibrating data in each channel, processing and integrating video data, GPS data, GIS data, and INS data in a unified manner, and extracting spatial characteristic points with latitude and longitude information; and enabling characteristic point matching pairs to be accurate by using three-dimensional coordinates, automatically and preferably selecting a splicing parameter; and splicing the panorama video in real time. The method is an automatic preferably selecting technique based on image characteristic points, video matching splicing, and image splicing transformation parameters and achieves high-performance panorama video splicing by integrating the spatial positional information of the characteristic points.