: Recently, multi-screen projection systems are widely used in the field of virtual reality. Within the system bounded by screens, users can view the panoramic stereoscopic images projected onto the screens. In such an immersive environment, however, just one viewer can feel the natural depth sensation. In this paper, the authors propose a novel approach to realize a multi-user system, in which several users can feel the adequate depth sensation simultaneously. Experimental results show the potential applicability of the proposed method to the next-generation virtual environment. Key Words : surround-screen projection-based system, panoramic stereoscopic images, natural depth sensation, multiple users, immersive stereoscopic images