1. A panorama generating method, adapted to an image capturing apparatus, the panorama generating method comprising: capturing a plurality of raw images of a scene; executing a coarse motion estimation on the raw images to obtain a coarse motion estimation result of the scene; cropping the raw images inside a window of interest (WOI) to obtain a plurality of cropped images, and executing a fine motion estimation on the cropped images according to the coarse motion estimation result, so as to obtain a fine motion estimation result of the scene; and stitching and blending the raw images according to the fine motion estimation result, so as to generate a panorama.