The invention provides a virtual reality-based panoramic video interaction method. The method comprises the steps of obtaining image information of a panoramic video and obtaining an image texture sequence of the panoramic video through decoding; performing UV coordinate conversion on the image texture sequence of the panoramic video; building a sphere model Sphere, and projecting image textures of the panoramic video to the back surface of the Sphere from a top point according to UV coordinates; adding a group of interactive model components to the Sphere; adding a tag interaction module, a touch interaction module and a special-effect interaction module; and adding a virtual reality display module to a central point of the Sphere, performing spherical inverse distortion, and transmitting a final output result to a virtual reality head-mounted display. According to the method, the interactive experience is fused in linear video contents, so that the activeness and selectivity of audiences are greatly enhanced, the audiences can receive richer three-dimensional audio and video information and are attracted to take part in the panoramic video, and more entertainment is added to the panoramic video.