In order to simplify system configuration, improve the efficiency of image collection and processing, and achieve round high-definition panoramic optical imaging using a single optical system according to the working principle of a catadioptric optical system, we designed a 360° panoramic lens with high-order aspheric reflection and optimized its optical structure and image quality. This camera utilizes a high-order aspheric reflector to compress the field of view. Round target light with an elevation angle ranging from -55° to 20° was introduced into the system and a glass lens assembly was used to receive this light in a subsequent light path. The light was focused on the target surface of the camera that facilitated the acquisition of annular panoramic images of the object. By optimizing the image quality of the system, we obtained high-definition 360° round-looking panoramic images and subsequently analyzed the primary performance indexes of the optical system. The 360° panoramic lens consists of a high-order aspheric reflector and 10 glass spherical lenses. It had a focal length of 0.4 mm, an f-number of 2.2, and a pitch angle of 75°. The optical transfer function values of the full field of view are all greater than 0.3 at a resolution of 150 lp/mm. This proposed design is applicable to single optical system imaging and addresses several significant technical challenges in traditional spliced panoramic lenses including inefficient image collection and processing. In addition, the simple design is inexpensive and can, therefore, facilitate a high-volume production.