The invention provides a 360 looking-around parallel parking auxiliary system and an auxiliary method thereof. The 360 looking-around parallel parking auxiliary system comprises a plurality of wide-angle cameras, a display screen, an image processor and a parallel parking system; the wide-angle cameras can conduct omnibearing image shooting, the image processor is connected to the wide-angle cameras in a coupled mode so that the image processor can process image signals shot by the wide-angle cameras; then the processed images are combined, spliced and fused into an image to be displayed on the display screen, the image comprises a panoramic image and/or a single view, wherein the panoramic image displays scenes around a vehicle body, and the single view comprises a rear view and a parallel parking view; and the parallel parking system processes and displays the parallel parking view step by step, and the rear view and the parallel parking view are subjected to operation switching through a UI on the display screen. Therefore, the panoramic looking-around image is provided, side auxiliary parking information is further provided in sequence, and the stability and flexibility of parallel parking are improved.