A calibration system and a method for panoramic photographing device parameter, including: an image acquisition module, a parameter solver module connected with the image acquisition module, and a data analysis module connected with the parameter computation module; the image acquisition module is configured to send an instruction to cause N cameras of the panoramic photographing device to acquire and store M sets of images synchronously and consecutively; the parameter solver module configured to sequentially read out the M sets of images from the image acquisition module, and to separately process the M sets of images, and to acquire M corresponding device parameters for storage and delivery; and the data analysis module configured to receive the M corresponding device parameters sent by the parameter solver module, and to perform data analysis to the M corresponding device parameters, and to acquire and store an optimal solution of the calibration parameters.