A method and apparatus to generate a volume-panorama image based on three-dimensional (3D) volume images is provided. A method of generating a volume-panorama image includes receiving pieces of image data of one or more volume images, extracting partial regions including one or more voxels from the volume images, determining a global conversion function representing a relationship of a conversion between a second volume image of the volume images and a first volume image of the volume images, the determined global conversion function being based on a conversion function representing a relationship of a conversion between one of the extracted partial regions of the second volume image and one of the extracted partial regions of the first volume image, and generating image data of a volume image to be combined with the first volume image from image data of the second volume image based on the determined global conversion function.