1. A method for photographing a panoramic picture by a photographing apparatus of a mobile terminal, the method comprising the steps of: (a) checking, by a controller, a motion of a corresponding photographing apparatus by comparing currently input images and previously input images in real time by employing a motion estimation technique employing exposure compensation to correlate matched image blocks using error information of compared pixels between respective image blocks recognize the motion of image blocks between previous frames and current frames of the input image in a predetermined range when respective images constituting a panoramic picture are photographed; (b) checking, by the controller, image photography information including a focus distance and an optical magnification for calculating an actual photography range distance of the respective images of the subject, and setting a pre-set threshold comprising an accumulated value of motion vectors determined by the motion estimation technique in consideration of the calculated actual photography range distance of the respective images; (c) confirming, by the controller, whether the checked motion in step (a) reaches the pre-set threshold, and the controller determining photography time points at which each of the respective images are photographed each time the preset-threshold is reached; and (d) photographing, by an image capture unit, the respective images according to a manual mode or an automatic mode at each photography time point of the determined photography time points of the respective images.