The invention discloses a photogrammetry method of a spherical panoramic camera. The method comprises the following steps: S1, placing the spherical panoramic camera in a manner of being parallel to an object plane of a measurement target, and measuring a distance between the spherical panoramic camera and the object plane of the measurement target; S2, measuring a height from the spherical panoramic camera to the ground, and then making a transverse mark on the measurement target in the horizontal direction according to the height from the spherical panoramic camera to the ground, wherein the marking direction is perpendicular to the shooting direction in the horizontal direction; and S3, shooting a panoramic image of the measurement target with the spherical panoramic camera, introducing a picture into processing software, and constructing a three-dimensional object right-angle coordinate system according to the direction where the marked position points to a point to be measured, the marking direction and the shooting direction. The photogrammetry method can directly obtain coordinates of the coordinate system of the target and directly acquire surveying information on the image; and furthermore, the photogrammetry steps are simple, the precision is high, and the photogrammetry cost is reduced.