Photometric loss is widely used for self-supervised depth and egomotion estimation. However, the loss landscapes induced by photometric differences are often problematic for optimization, caused by plateau landscapes for pixels in texture-less regions or multiple local minima for less discriminative pixels. In this work, feature-metric loss is proposed and defined on feature representation, where the feature representation is also learned in a self-supervised manner and regularized by both first-order and second-order derivatives to constrain the loss landscapes to form proper convergence basins. Comprehensive experiments and detailed analysis via visualization demonstrate the effectiveness of the proposed feature-metric loss. In particular, our method improves state-of-the-art methods on KITTI from 0.885 to 0.925 measured by $\delta_1$ for depth estimation, and significantly outperforms previous method for visual odometry.