Novel view synthesis aims at rendering any posed images from sparse observations of the scene. Recently, neural radiance fields (NeRF) have demonstrated their effectiveness in synthesizing novel views of a bounded scene. However, most existing methods cannot be directly extended to 360° unbounded scenes where the camera orientations and scene depths are unconstrained with large variations. In this paper, we present a spherical radiance field (SRF) for efficient novel view synthesis in 360° unbounded scenes. Specifically, we represent a 3D scene as multiple concentric spheres with different radii. In particular, each sphere encodes its corresponding layered scene into implicit representations and is parameterized with an equirectangular projection image. A shallow multi-layer perceptron (MLP) is then used to infer the density and color from these sphere representations for volume rendering. Moreover, an occupancy grid is introduced to cache the density field and guide the ray sampling, which accelerates the training and rendering procedures by reducing the number of samples along the ray. Experiments show that our method can well fit 360° unbounded scenes and produces state-of-the-art results on three benchmark datasets with less than 30 minutes of training time on a 3090 GPU, surpassing Mip-NeRF 360 with a $400\times$ speedup. In addition, our method achieves competitive performance in terms of both accuracy and efficiency on a bounded dataset. Project page: https://minglin-chen.github.io/SphericalRF