Image motion compensation of aerial panoramic camera can be accomplished by employing scan head rotation and charge coupled device (CCD) time delay integration (TDI), whereas residual still remains. Therefore, based on the structure and the image motion compensation (IMC) mechanism of aerial panoramic camera, a rigor mathematical model of image motion velocity filed is derived from imaging geometry, which is built by coordinate transformation and collinear equation. Numerical analysis indicates that the closer image coordinate locates to the rear edge of CCD focal plane, the larger scan angle and forward motion compensation (FMC) angel are, and the faster the image motion velocity is. For an aerial panoramic camera with 14000 CCD pixel and 100 TDI stages, when scan angle and FMC angle is smaller than -1.5°and 4.16°, respectively, the maximum of image motion is less than 1 pixel pitch. Dynamic imaging experiments validate the rationality of the model which provides a theoretical basis for the quantitative analysis of image motion compensation residual.