Provided are a method and device for motion estimation and compensation to be performed on a panorama image. The motion estimation and compensation are performed on a panorama image with a 360 DEG omni-directional view based on that the spatial relation between left and right borders of the panorama image is very high. Accordingly, it is possible to improve image quality through effective and precise estimation and compensation for the motion of a panorama image. In particular, it is possible to improve the image quality at the right and left edges of the panorama image.