The present invention belongs to the technical field of video recording and provides a video generating method and apparatus of a video generating system, the video generating system comprises a system target orientating camera, a target tracking camera and a panorama camera, the method comprises: when it is judged that a target object included in the image collected by the target tracking camera is a person, and the person lies within a scope of a lens of the target tracking camera, switching the target tracking camera such that it serves as a video generating source and generating a video according to images collected by the target tracking camera; when it is judged that the target object included in an image collected by the target tracking camera is a person, and the person lies out of the scope of the lens of the target tracking camera, or it is judged that the target object included in an image collected by the target tracking camera is not a person, switching the panorama camera such that it serves as the video generating source and generating a video according to the images collected by the panorama camera. Automatic control for switching among different cameras to collect images and generate videos is achieved, so that accurate tracking for any target object and accurate switching among different cameras can be done, and automatic switching among different cameras during a video generating process is realized; in this way, there is no need to perform operation and manual intervention after installation and debugging are accomplished.