It is still a great challenging task to efficiently produce planetary mapping products from orbital remote sensing images. There are many disadvantages in photogrammetric processing of planetary stereo images, such as lacking ground control information and informative features. Among which, image matching is the most difficult job in planetary photogrammetry. This paper designs a photogrammetric processing framework for planetary remote sensing images based on approximate orthophotos. Both tie points extraction for bundle adjustment and dense image matching for generating digital terrain model (DTM) are performed on approximate orthophotos. Since most of planetary remote sensing images are acquired by linear scanner cameras, we mainly deal with linear pushbroom images. In order to improve the computational efficiency of orthophotos generation and coordinates transformation, a fast back-projection algorithm of linear pushbroom images is introduced. Moreover, an iteratively refined DTM and orthophotos scheme was adopted in the DTM generation process, which is helpful to reduce search space of image matching and improve matching accuracy of conjugate points. With the advantages of approximate orthophotos, the matching results of planetary remote sensing images can be greatly improved. We tested the proposed approach with Mars Express (MEX) High Resolution Stereo Camera (HRSC) and Lunar Reconnaissance Orbiter (LRO) Narrow Angle Camera (NAC) images. The preliminary experimental results demonstrate the feasibility of the proposed approach.