Panoramic annular optical system have been widely applied in various emerging field like robot sensing. This type system desire a large FOV detection capability while maintaining a small and compact size. According to above requirements a research on the panoramic annular optical system was made, and a two-channel panoramic annular optical system based on the analysis of the panoramic annular lens(PAL) was designed. The system is composed of a marginal FOV channel and a central FOV channel, which correspond to the panoramic annular optical system with entrance pupil preposition and central FOV system respectively. By rational combination, the central FOV of the system is 0°-18.5°, the marginal FOV of the system is 38°-83°. In the design process, even-ogive surface was adopted to design the certain surface of the panoramic annular lens of the marginal FOV channel, also an description of how to use the even-ogive surface in the design process was made. Finally both two channels can acquire a good image on the image plane during the working wavelength 0.486-0.656 μm, the whole structure of the system is relatively compact, satisfying the demand for application.