A method for presenting and controlling a panoramic image is provided. The method includes: sending a panoramic image trigger instruction to a media content server in response to a panoramic image trigger operation, wherein the panoramic image trigger instruction causes the media content server to send the panoramic image trigger instruction to a smart television bound with the mobile terminal, and the panoramic image trigger instruction causes the smart television to present the panoramic image corresponding to currently presented media content; obtaining a description parameter indicating a position of the mobile terminal in three-dimensional space; and sending the description parameter to the media content server, wherein the media content server determines an adjustment parameter of the panoramic image in panoramic space according to the description parameter and sends the adjustment parameter to the smart television, and the smart television adjusts the panoramic image according to the adjustment parameter.