A control apparatus for a power transmitting system of a vehicle provided with a transmission portion having a plurality of speed ratios to be established in steps, and an electric motor operatively connected to an input-side rotary member of said transmission portion and controlled to generate a regenerative torque in a decelerating state of the vehicle, the control apparatus is configured: to implement a shifting control to perform a shifting operation of said transmission portion under the condition of a determination in the decelerating state of the vehicle that an input torque of said transmission portion including said regenerative torque is substantially zero; and to implement the shifting control to perform the shifting operation of said transmission portion under the condition of an improvement of a fuel economy rather than the determination that the input torque of said transmission portion is substantially zero, when a target deceleration value of the vehicle is larger than a predetermined threshold value.