There are many kinds of optical systems to widen a field of view. Fisheye lenses with view angles of 180 degrees and omni-directional systems with the view angles of 360 degrees are recognized as proper systems to widen a field of view. In this study, we proposed a new optical system to overcome drawbacks of conventional omni-directional systems such as a limited field of view in the central area and difficulties in manufacturing. Thus we can eliminate the undesirable reflection components of the omni-directional system and solve the primary drawback of the conventional system. Finally, tolerance analysis using Zernike polynomial coefficients was performed to confirm the productivity of the new optical system. Furthermore, we established a method of optical axis alignment and compensation schemes for the proposed optical system as a result of tolerance analysis. In a sensitivity calculation, we investigated performance degradation due to manufacturing error using Code V(R) macro function. Consequently, we suggested compensation schemes using a lens group decentering. This paper gives a good guidance for the optical design and tolerance analysis including the compensation method in the extremely wide angle system.