Panoramic Annular Lens (PAL) composed of few lenses has great potential in panoramic surrounding sensing tasks for mobile and wearable devices because of its tiny size and large Field of View (FoV). However, the image quality of tiny-volume PAL confines to optical limit due to the lack of lenses for aberration correction. In this paper, we propose an Annular Computational Imaging (ACI) framework to break the optical limit of light-weight PAL design. To facilitate learning-based image restoration...