An information processing system, comprising a portable display device including a sensor (62, 63, 64) for detecting a value in accordance with a movement or an attitude of a portable display device and a non-portable display device, for displaying an image on the portable display device, and for displaying an image on the non-portable display device, the information processing system further comprising: a panorama moving image storage section (4, 12, 17, 11e) for storing a moving image captured and recorded in advance, the moving image including frames each including a panorama image of a real world; a first virtual camera location section (10, S13) for locating a first virtual camera at a predetermined position in a three-dimensional virtual space; a second virtual camera location section (10, S14) for locating a second virtual camera at the predetermined position; a first model location section (10, S12) for locating a model surrounding the predetermined position in the virtual space; a first virtual camera control section (10, S22) for changing an attitude of the first virtual camera during reproduction of the moving image in accordance with an attitude of the portable display device based on data which is outputted from the sensor; a first pasting section (10, S18) for sequentially reading the panorama image of each frame from the panorama moving image storage section and for sequentially pasting the panorama image on a surface of the model on the predetermined position side; a first display control section (10, S23) for sequentially capturing an image of the virtual space by the first virtual camera and for sequentially displaying the captured image on the portable display device, in accordance with the pasting of the panorama image of each frame by the first pasting section, and a second display control section (10, S27) for sequentially capturing an image of the virtual space by the second virtual camera and displaying the captured image on the non-portable display device, wherein an attitude of the second virtual camera is not changed even when the attitude of the first virtual camera is changed by the first virtual camera control section. a panorama moving image storage section (4, 12, 17, 11e) for storing a moving image captured and recorded in advance, the moving image including frames each including a panorama image of a real world; a first virtual camera location section (10, S13) for locating a first virtual camera at a predetermined position in a three-dimensional virtual space; a second virtual camera location section (10, S14) for locating a second virtual camera at the predetermined position; a first model location section (10, S12) for locating a model surrounding the predetermined position in the virtual space; a first virtual camera control section (10, S22) for changing an attitude of the first virtual camera during reproduction of the moving image in accordance with an attitude of the portable display device based on data which is outputted from the sensor; a first pasting section (10, S18) for sequentially reading the panorama image of each frame from the panorama moving image storage section and for sequentially pasting the panorama image on a surface of the model on the predetermined position side; a first display control section (10, S23) for sequentially capturing an image of the virtual space by the first virtual camera and for sequentially displaying the captured image on the portable display device, in accordance with the pasting of the panorama image of each frame by the first pasting section, and a second display control section (10, S27) for sequentially capturing an image of the virtual space by the second virtual camera and displaying the captured image on the non-portable display device, wherein an attitude of the second virtual camera is not changed even when the attitude of the first virtual camera is changed by the first virtual camera control section.