The invention discloses a real-time panoramic image stitching method of aerial videos shot by an unmanned plane. The method comprises the steps of: utilizing a video acquisition card to acquire images which are transmitted to a base station in real time by an unmanned plane through microwave channels, carrying out key frame selection on an image sequence, and carrying out image enhancement on key frames; in the image splicing process, firstly carrying out characteristic detection and interframe matching on image frames by adopting an SURF (speeded up robust features) detection method with good robustness; then reducing the series-multiplication accumulative errors of images in a frame-to-mosaic image transformation mode, determining images which are not adjacent in time sequence but adjacent in space on a flight path according to the GPS (global positioning system) position information of the unmanned plane, optimizing the frame-to-mosaic transformation relation, determining image overlapping areas, thereby realizing image fusion and the panoramic image construction and realizing real-time effect of carrying out flying and stitching simultaneously; and in image transformation, based on adjacent frame information in a vision field and adjacent frame information in airspace, optimizing image transformation to obtain the accurate panoramic images. The stitching method has good real-time performance, is fast and accurate and meets the requirements of application occasions in multiple fields.