A portable panoramic image mapping system (PPIMS) is developed to collect spatial data, which is specially designed for some areas that a vehicle-based mapping system has difficulty to enter. PPIMS can capture eight images simultaneously with e-GPS positioning. When images are taken from multiple stations, a large amount of images are needed to handle and measure. Finding targets among images becomes a puzzled task. To resolve this difficulty, this study proposes a new concept of photogrammetry by using panoramic images. Eight images captured by PPIMS can form a spherical panorama image (SPI), which is called PPIMS SPI. Instead of using the original images, PPIMS SPIs are then used for photogrammetric triangulation and mapping. Because the collinearity condition is not rigorously kept that causes the gaps on the cutting edges of overlapped images. We also propose a method to correct this deficiency. Two experiments were done. One is on the test field at Tzu-Chiang Campus, NCKU, and another one is in the Eternal Golden Castle. Both of them confirm bundle adjustment of SPI is possible, and applying corrections for PPIMS SPIs is necessary and effective for bundle adjustment. Besides, SPIs can replace original images that is also confirmed.