The invention proposes a method for generating ultrasonic panoramic image and an ultrasonic device. The invention first analyzes the degree of overlap area between two black-and-white images and determines the Doppler signal error of two corresponding color images once the overlap area is large enough. A plurality of black-and-white characteristic images and color characteristic images are then determined from the captured black-and-white images and color images and used for generating a black-and-white panoramic image and a color panoramic image respectively using an image stitching algorithm. The color panoramic image is then overlaid with the black-and-white panoramic image to form an output panoramic image.