In order to study the applicability of the Parallax Bundle Adjustment (PBA) in the 3D-photography, the authors extend the mathematical proof of the PBA model which is based on the two-dimensional hypothesis, to three dimensions with respect to the sensitivity of parallax angle to observation noise, the singularity of the normal equation, and the degree of linearization. Furthermore, with a set of narrow intersection-angles (2.11×10-8 to 2.11×10-12 rads), the 3D-scenes in short-baseline photography are simulated, and employed to verify the proof. Theoretical analysis and experimental results demenstrate that the current version of PBA is only suitable for the 2D-photography, but not suitable to solve the short-baseline problem in the 3D-photography.