In this paper, an efficient method based on color moments and local wavelet-features is proposed for panoramic image mosaics. Color moments are used to efficiently represent physical quantities of objects in an image. Wavelet can describe a wide variety of image characteristics and is a key component for image-related applications. Therefore, during the feature-extraction stage for panoramic image mosaics, we exploit color moments and wavelet-subband statistics to construct local feature vectors for image-patch representation. With a distributed system of local area network, the proposed mosaics system can achieve an average 295 FPS. Experimental results show that the local wavelet-features are able to produce plausible and satisfactory panoramic images.