An exposure method in panoramic photo shooting, comprising: obtaining, by a terminal device, luminance values respectively corresponding to M pictures shot in advance and a luminance value of a current environment in which shooting is to be performed, wherein M is a positive integer; obtaining, by the terminal device, a luminance value adjustment coefficient α and adjustment weights β i respectively corresponding to the M pictures shot in advance, wherein i is a positive integer, 0≤α≤1, and 0≤β i ≤1; obtaining, by the terminal device according to the luminance values respectively corresponding to the M pictures shot in advance and the luminance value of the current environment in which shooting is to be performed, a luminance value of a picture to be shot, comprising: obtaining, by the terminal device, B2 by means of calculation by using a formula B2 = B1 - Δb, wherein the luminance value of the current environment in which shooting is to be performed is B1, the luminance value of the picture to be shot is B2, and a deviation coefficient is Δb = (totalΔB/δ)×α, wherein a total adjustment value is totalΔB = ∑ i = 1 M β i B 1 − b i, the luminance values respectively corresponding to the M pictures shot in advance are b i, i is a positive integer, and a total weight is δ = ∑ i = 1 M β i; and performing, by the terminal device, exposure according to the luminance value of the picture to be shot. obtaining, by a terminal device, luminance values respectively corresponding to M pictures shot in advance and a luminance value of a current environment in which shooting is to be performed, wherein M is a positive integer; obtaining, by the terminal device, a luminance value adjustment coefficient α and adjustment weights β i respectively corresponding to the M pictures shot in advance, wherein i is a positive integer, 0≤α≤1, and 0≤β i ≤1; obtaining, by the terminal device according to the luminance values respectively corresponding to the M pictures shot in advance and the luminance value of the current environment in which shooting is to be performed, a luminance value of a picture to be shot, comprising: obtaining, by the terminal device, B2 by means of calculation by using a formula B2 = B1 - Δb, wherein the luminance value of the current environment in which shooting is to be performed is B1, the luminance value of the picture to be shot is B2, and a deviation coefficient is Δb = (totalΔB/δ)×α, wherein a total adjustment value is totalΔB = ∑ i = 1 M β i B 1 − b i, the luminance values respectively corresponding to the M pictures shot in advance are b i, i is a positive integer, and a total weight is δ = ∑ i = 1 M β i; and obtaining, by the terminal device, B2 by means of calculation by using a formula B2 = B1 - Δb, wherein the luminance value of the current environment in which shooting is to be performed is B1, the luminance value of the picture to be shot is B2, and a deviation coefficient is Δb = (totalΔB/δ)×α, wherein a total adjustment value is totalΔB = ∑ i = 1 M β i B 1 − b i, the luminance values respectively corresponding to the M pictures shot in advance are b i, i is a positive integer, and a total weight is δ = ∑ i = 1 M β i; and performing, by the terminal device, exposure according to the luminance value of the picture to be shot.