Under circumstances of fire, panic usually brings uncertainty and unpredictability to evacuation. Therefore, a deep understanding of panic is desired. This study aims to dig into the underlying mechanism of fire evacuation panic by measuring and analysing psycho- and physiological indicators. In the experiment, participants watched a simulated train station within which three sets of stimuli were triggered separately. Eye movement and brain haemodynamic responses were collected during the watch, while questionnaires and interviews of emotions were conducted after. The analysed physiological indicators include the amplitude of pupil dilation, the time ratios of fixation and saccade, the binned entropy of gaze location, and the brain activation coefficients. The results of this research indicate that fire evacuation panic can be broken down into two elements. (1) Unawareness of situation: less knowledge of the situation leads to a higher level of panic; (2) Intensity of visual stimulation: the panic level is escalated with increased severity of fire that is perceived.