Being able to cover a wide range of views, pan-tilt-zoom (PTZ) cameras have been widely deployed in visual surveillance systems. To achieve a global-view perception of a surveillance scene, it is necessary to generate its panoramic background image, which can be used for the subsequent applications such as road segmentation, active tracking, and so on. However, few works have been reported on this problem, partially due to the lack of benchmark dataset and the high complexity of panoramic image generation of PTZ cameras. In this paper, we build, for the first time to our best knowledge, a benchmark PTZ camera dataset with multiple views, and derive a complete set of panoramic transformation formulas for PTZ cameras. We further propose a fast multi-band blending method to address the efficiency issue in panoramic image fusion and mosaicing. Some related panoramic transformations are also developed, such as cylindrical and overlooking transformations. Our proposed approach exhibits impressive accuracy and efficiency in PTZ panorama generation as well as panoramic image mosaicing.