With the rapid development of high-speed communication and artificial intelligence technologies, human perception of real-world scenes is no longer limited to the use of small Field of View (FoV) and low-dimensional scene detection devices. Panoramic imaging emerges as the next generation of innovative intelligent instruments for environmental perception and measurement. However, while satisfying the need for large-FoV photographic imaging, panoramic imaging instruments are expected to have high resolution, no blind area, miniaturization, and multidimensional intelligent perception, and can be combined with artificial intelligence methods towards the next generation of intelligent instruments, enabling deeper understanding and more holistic perception of 360-degree real-world surrounding environments. Fortunately, recent advances in freeform surfaces, thin-plate optics, and metasurfaces provide innovative approaches to address human perception of the environment, offering promising ideas beyond conventional optical imaging. In this review, we begin with introducing the basic principles of panoramic imaging systems, and then describe the architectures, features, and functions of various panoramic imaging systems. Afterwards, we discuss in detail the broad application prospects and great design potential of freeform surfaces, thin-plate optics, and metasurfaces in panoramic imaging. We then provide a detailed analysis on how these techniques can help enhance the performance of panoramic imaging systems. We further offer a detailed analysis of applications of panoramic imaging in scene understanding for autonomous driving and robotics, spanning panoramic semantic image segmentation, panoramic depth estimation, panoramic visual localization, and so on. Finally, we cast a perspective on future potential and research directions for panoramic imaging instruments.