We propose a multi-camera LiDAR-visual-inertial odometry framework, Multi-LVI-SAM, which fuses data from multiple fisheye cameras, LiDAR and inertial sensors for highly accurate and robust state estimation. To enable efficient and consistent integration of visual information from multiple fisheye cameras, we introduce a panoramic visual feature model that unifies multi-camera observations into a single representation. The panoramic model serves as a global geometric optimization framework that consolidates multi-view constraints, enabling seamless loop closure and global pose optimization, while simplifying system design by avoiding redundant handling of individual cameras. To address the triangulation inconsistency caused by the misalignment between each camera's frame and the panoramic model's frame, we propose an extrinsic compensation method. This method improves feature consistency across views and significantly reduces triangulation and optimization errors, leading to more accurate pose estimation. We integrate the panoramic visual feature model into a tightly coupled LiDAR-visual-inertial system based on a factor graph. Extensive experiments on public datasets demonstrate that the panoramic visual feature model enhances the quality and consistency of multi-camera constraints, resulting in higher accuracy and robustness than existing multi-camera LiDAR-visual-inertial systems.