We build a panoramic spherical coordinate system using the panoramic images collected by vehicle mobile measurement system. The fusion of the laser point cloud and panoramic images is realized through a series of coordinate transformation of vehicle points based on collinear principle of center of sphere, image point and object point of spherical surface.The black hole of true color point cloud caused by the blind area of panoramic images creates the road information loss, we use the overlapping relationship of adjacent images to solve the black hole. Precision evaluation is conducted via manual information collection. We use the manual collection checkpoints to evaluate the fusion accuracy, and the results show that the fusion method is correct and precision. The road information is preserved completely after repairing the black hole by accurate collection of panoramic images and laser point cloud.