Recently, camera-controlled video generation has seen rapid development, offering more precise control over video generation. However, existing methods predominantly focus on camera control in perspective projection video generation, while geometrically consistent panoramic video generation remains challenging. This limitation is primarily due to the inherent complexities in panoramic pose representation and spherical projection. To address this issue, we propose CamPVG, the first diffusion-based framework for panoramic video generation guided by precise camera poses. We achieve camera position encoding for panoramic images and cross-view feature aggregation based on spherical projection. Specifically, we propose a panoramic Plücker embedding that encodes camera extrinsic parameters through spherical coordinate transformation. This pose encoder effectively captures panoramic geometry, overcoming the limitations of traditional methods when applied to equirectangular projections. Additionally, we introduce a spherical epipolar module that enforces geometric constraints through adaptive attention masking along epipolar lines. This module enables fine-grained cross-view feature aggregation, substantially enhancing the quality and consistency of generated panoramic videos. Extensive experiments demonstrate that our method generates high-quality panoramic videos consistent with camera trajectories, far surpassing existing methods in panoramic video generation.