1. A method of generating a panoramic image, comprising: extracting a matching point to connect a base image captured by a first camera and a reference image captured by a second camera; geometrically transforming the reference image by determining a homography between the base image and the reference image based on the matching point; determining a change in image quality of the geometrically transformed reference image; and generating a panoramic image in which the geometrically transformed reference image is connected to the base image based on the determined change in image quality.