This paper presents a new objective quality metric that was adapted to the complex characteristics of immersive video (IV) which is prone to errors caused by processing and compression of multiple input views and virtual view synthesis. The proposed metric, IV-PSNR, contains two techniques that allow for the evaluation of quality loss for typical immersive video distortions: corresponding pixel shift and global component difference. The performed experiments compared the proposal with 31 state-of-the-art quality metrics, showing their performance in the assessment of quality in immersive video coding and processing, and in other applications, using commonly used image quality assessment databases – TID2013 and CVIQ. As presented, IV-PSNR outperforms other metrics in immersive video applications and still can be efficiently used in the evaluation of different images and videos. Moreover, basing the metric on the calculation of PSNR allowed the computational complexity to remain low. Publicly available, efficient implementation of IV-PSNR software was provided by the authors of this paper and is used by ISO/IEC MPEG for evaluation and research on the upcoming MPEG Immersive video (MIV) coding standard.