Production tool: Photoshop CS
Production process:
1. Execute the New File command in the Photoshop menu bar to create a new file, as shown in Figure 01. 
2. Select the "Elliptical Marquee Tool" in the toolbox, create a new layer 1, and draw a circle in the file. The image effect is as shown in Figure 02. 
3. Double-click layer 1, check the "Shadow" and "Gradient Overlay" layer styles in the opened layer style dialog box, and set various parameters as shown in Figures 03 and 04. 
The image effect is shown in Figure 05. 
4. Drag layer 1 to the Create New Layer button, copy it to get a "Copy of Layer 1", double-click the copy of Layer 1, and set the parameters in the pop-up Layer Style dialog box as shown in Figure 06. 
The image effect is shown in Figure 07. 
5. Open a material picture of the Olympic mascot. The effect is as shown in Figure 08. 
Use the "Magic Wand Tool" in the toolbox to select the white part of the image, then execute the "Select" and "Invert" commands to drag the pattern into the text. Execute the "Edit" and "Free Transform" commands in the menu bar to reduce and rotate the image. The image effect is as shown in Figure 09. 
6. Hold down the Ctrl key while clicking the layer thumbnail of the copy of layer 1, load the image selection, execute the "Select", "Modify" and "Shrink" commands on the selection, and set the shrinkage amount in the pop-up dialog box to 15, as shown in Figure 10. 
The image effect is shown in Figure 11. 
7. Then execute the "Select", "Modify" and "Boundary" commands in the menu bar, and set the width to 15 pixels in the pop-up dialog box, as shown in Figure 12. 
The image effect is shown in Figure 13. 
8. Execute the "Select" and "Feather" commands in the menu bar, and set the feather radius to 2 pixels in the pop-up dialog box, as shown in Figure 14. 
Set the foreground color to white, create a new layer 3, and press the Alt+Delete keys to fill it. The image effect is as shown in Figure 15. 
9. Select the "Eraser Tool" in the toolbox, set the brush to Airbrush Soft Edge Circular 65 pixels, and erase part of the white ring. The image effect is as shown in Figure 16. 
10. Select layer 3, execute the "Filter", "Blur" and "Radial Blur" commands in the menu bar, and set the parameters in the pop-up dialog box as shown in Figure 17. 
The image effect is shown in Figure 18. 
11. Select layer 2, hold down the Ctrl key and click the layer thumbnail of the copy of layer 1, load the image selection, and execute the "Select", "Modify" and "Shrink" commands in the menu bar. In the pop-up dialog box Set the shrink amount to 20 pixels, as shown in Figure 19. 
The image effect is shown in Figure 20. 
12. Click the shortcut button on the path panel, select the Create Working Path command in the pop-up menu, and then set the tolerance to 1 pixel in the subsequent pop-up dialog box, as shown in Figure 21. 
The image effect is shown in Figure 22. 
13. Select the “Text Tool” in the toolbox and input text along the path. The image effect is as shown in Figure 23. 
Then use the same method to make badges with different patterns. The final effect is shown in Figure 24. 