The invention discloses a transformer substation virtual-reality management system based on a three-dimensional panoramic view and an implementation method of the transformer substation virtual-reality management system based on the three-dimensional panoramic view. The management system comprises an image collecting and splicing module and a three-dimensional reconstruction image pasting module, wherein the image collecting and splicing module is used for fusing collected images into the complete panoramic view, and the three-dimensional reconstruction image pasting module is connected with the image collecting and splicing module and further connected with a hot point database used for recording coordinates of hot point positions in scenes and performance parameters of corresponding transformer substation devices. The implementation method includes the steps that firstly, the field images are collected and fused into the complete large panoramic view through the image collecting and splicing module; then the positions and the parameters of the devices are recorded and edited through the hot point database; finally, the panoramic view is restored through the three-dimensional reconstruction image pasting module into the spherical three-dimensional panoramic view with the adjustable view angle and the editable surface hot point information. By means of the transformer substation virtual-reality management system and the implementation method, the information of the devices can be added and edited at any time, a maintenance person can visibly learn the reality positions and the technical information of the devices accordingly, and the device maintenance efficiency can be improved.