Visible/infrared double-FOV optical system used for panoramic aerial camera is designed in this paper, aiming at improving target survelliance and recoganizing capability and meeting requirements of combat demand of troops around the clock. Focal length, relative aperture and field angle of visible optical system is 165 mm/660 mm, 1: 8.8, and 9.1°×6.8°/2.3°× 1.7° respectively, while focal length, relative aperture and viewing angle of infrared optical system is 75 mm/ 300 mm, 1:4, and 8.3°× 6.2°/2.1°× 1.6° respectively. Zooming is realized by adding telescopic system in front of the limited focal length optical system. According to pixel size of infrared device and visible light device, Nyquist frequency of infrared system and visible light system are calculated as 33 lp/mm and 91 lp/mm respectively. At 33 lp/mm, infrared optical system with large and small field of view of the MTF values are 0.35 and 0.37; while at 91 lp/mm, visible light optical system with large and small field MTF are 0.41 and 0.4. Image quality is close to diffraction limit, which shows image quality of optical system can satisfies needs of practical engineering.