This paper proposes a method based on graph cut algorithm to match panoramic images. Label is denoted by disparity and the energy function is established, then the problem of matching can be converted into that of energy function minimization. A graph is constructed such that the energies can be related to the capacities of the cuts of the graph. The minimal energy is obtained by the network-flow theory, and hence the disparity data has been gotten. Consequently, we obtain the dense depth image. The experimental result shows that compiling with the other existing matching algorithm, the graph cuts algorithm can get better depth image, the high accuracy in the process to match the panoramic images reveal that it can be widely used in 3d indoor scene reconstruction.