A portable panoramic image generation apparatus, comprising: an image pickup unit configured to control a camera (210, 212) to capture a plurality of component images having pan angles or elevation angles different from each other; a characteristic point extraction unit configured to extract a characteristic point in an overlapping region between two adjacent component images of the plurality of component images; a self-position estimation unit configured to simultaneously estimate,three-dimensional coordinate values of the characteristic point and three-dimensional coordinate values of the camera positions at which the two adjacent component images are captured based on the two-dimensional coordinate values of the characteristic point in the two adjacent component images and a parallax between the two adjacent component images; and a panoramic image generation unit configured to, when the displacement of the estimated current camera position from the origin is equal to or higher than a first threshold value and lower than a second threshold value adjust, based on the estimated three-dimensional coordinate values of the camera positions, the three-dimensional coordinate values of the characteristic point of the current component image in order to correct the current component image so that a displacement of the three-dimensional coordinate values of camera position of the corrected component image from an origin approaches zero and configured to combine a plurality of corrected component images having pan angles or elevation angles different from each other to generate a panoramic image, wherein the origin is the position where the first component image is acquired and wherein the second threshold value is higher than the first threshold value; and an image pickup guide portion configured to display a locus of movement of the camera positions based on the estimated three-dimensional coordinate values of the camera positions when the displacement of the estimated current camera position from the origin is equal to or higher than the first threshold value. an image pickup unit configured to control a camera (210, 212) to capture a plurality of component images having pan angles or elevation angles different from each other; a characteristic point extraction unit configured to extract a characteristic point in an overlapping region between two adjacent component images of the plurality of component images; a self-position estimation unit configured to simultaneously estimate,three-dimensional coordinate values of the characteristic point and three-dimensional coordinate values of the camera positions at which the two adjacent component images are captured based on the two-dimensional coordinate values of the characteristic point in the two adjacent component images and a parallax between the two adjacent component images; and a panoramic image generation unit configured to, when the displacement of the estimated current camera position from the origin is equal to or higher than a first threshold value and lower than a second threshold value adjust, based on the estimated three-dimensional coordinate values of the camera positions, the three-dimensional coordinate values of the characteristic point of the current component image in order to correct the current component image so that a displacement of the three-dimensional coordinate values of camera position of the corrected component image from an origin approaches zero and configured to combine a plurality of corrected component images having pan angles or elevation angles different from each other to generate a panoramic image, wherein the origin is the position where the first component image is acquired and wherein the second threshold value is higher than the first threshold value; and an image pickup guide portion configured to display a locus of movement of the camera positions based on the estimated three-dimensional coordinate values of the camera positions when the displacement of the estimated current camera position from the origin is equal to or higher than the first threshold value.