A new panoramic/fish-eye imaging system for projecting a 360 degree cylindrical field of view onto a two-dimensional annular format is described. It is rotationally symmetrical and comprises two groups of optics, each having very distinct functions. The front group of optics is basically a catoptric system employing a concave and convex mirror for converting the extreme field angles to a more manageable intermediate image. The rear group acts as a relay lens to transfer the intermediate image formed by the front group to some accessible location downstream. For improved overall performance, aberration compensation of the front group is included in the design of the relay optics. A further refinement to the design is the inclusion of an additional optical element in the form of refracting negative shell located in front of the entire arrangement. This increases the effective field of view and is useful when fields of view exceeding 180 degrees are required.