Fasteners are critical and indispensable locking components in mechanical assembly. Submillimeter fasteners are massively and widely used in electronic devices. This study proposed an adjustable panoramic inspection system for M2 to M0.8 submillimeter fasteners. The system mainly consists of a panoramic imaging module, a back-light module, and an image grabbing and computing module. The panoramic imaging module would form four equal optical path lengths to keep the same imaging amplification between the different directions of the field of view. The back-light module was designed to provide uniform illumination and enhance the contrast of the pitch edge between the fasteners and the background. The image grabbing and computing module with a high-speed camera was designed to be adjustable for different sizes of submillimeter fasteners. The realized system can offer the function of four images in one shot to make a panoramic scene, independent illumination for recognizing, inspect screws from M0.8 to M2.0 screws, and short time consumption of image processing, such as 3.284 ms for M0.8 screws and 2.384 ms for M2.0 screws, to achieve examination of 6000 pieces in 1 min.