In order to design a head-mounted display with a larger field of view, higher image quality, and a lightweight structure to meet the needs of high-end occasions, a two-chip head-mounted display was designed with a tiled aspheric and folded optical path system. Two lenses consist of a stitched aspherical surface, a planar surface, and two spherical surfaces were adopted, and the four surfaces were coated with a semi-transparent and semi-reflective coating, a phase delay film, a polarization reflective film, and an anti-reflection coating. Firstly, the initial structure was calculated by aberration theory, and then in order to further improve the imaging quality of the edge field of view, the stitched aspheric surface was introduced, and the tolerance analysis of the design results was carried out. The results show that the full field of view of the optical system reaches 100°, the modulation transfer function of the edge field of view is greater than 0.3 at the Nyquist frequency, the diameter of the exit pupil is 8 mm, the distance of the exit pupil is 14 mm, the total length of the system from the pupil to the image source is not more than 30 mm, and the total mass of the two lenses is only 21.0 g. The use of stitched aspheric and folded optical paths can significantly improve the performance of head-mounted displays, which can provide a reference for the research of high-imaging quality headband displays with large fields of view.