The invention discloses a three-dimensional (3D) panoramic model generating method, which comprises the steps of picture model building: articles are shot in multiple angles, and in addition, a 3D model of the shot articles is created; model output: after background pictures, background music and operation press buttons are guided into the 3D model, and the 3D model is output again; and 3D panoramic gathering: a spherical panoramic image is manufactured, in addition, interaction hotspots are added onto the spherical panoramic image, and the hotspots are linked to the 3D model of the shot articles, and a 3D panoramic model is issued. The 3D panoramic model generating method applies the modeling technology and the 3D panoramic gathering technology, and has the characteristics that the work procedure is simple, the operation is convenient, and the true feeling is high. The 3D panoramic model generating method has the advantages that two technologies are perfectly merged, the interaction and the immersion feeling of users are improved, the plug-in is not needed during the web end network display, and the plug-in installation is needed in the prior art. In addition, workers for implementing the 3D panoramic model generating method only need a little shooting technology and some 3D bases, the mastering of the 3D modeling technology is not needed, and the labor cost is saved.