Gravity terrain correction is a critical step in regional gravity survey. The main challenge for gravity terrain correction is how to rapidly and inexpensively reconstruct high-quality terrain near the gravity survey station. This paper proposes a fast near-region terrain correction approach based on panoramic stereo vision and photogrammetry techniques. A fast and low-cost topographic mapping system is designed and developed for this purpose. To miniaturize the system and assure required mapping accuracy

we theoretically analyze and optimize the hardware design. The developed software system generates DEM automatically from panoramic stereo images and calculates the gravity correction value at each station. The system has been verified in several filed tests with various terrain circumstances. The test results demonstrate that the developed gravity terrain correction method s ignificantly outperforms the traditional field surveying methods in efficiency and accuracy.