A control device of an internal combustion engine according to the present invention executes air-fuel ratio control based on an output of an air-fuel ratio sensor provided at an upstream side of a catalyst, with correction based on an output of an oxygen sensor at a downstream side of the catalyst. When it is determined that a degree of an output tendency in a predetermined lean region is not less than a predetermined lean degree, and that a degree of an output tendency in a predetermined rich region is less than a predetermined rich degree based on lean tendency and rich tendency values representing output tendencies of the oxygen sensor, a limit is set to the correction in a direction to more suppress enriching of an air-fuel ratio as a degree is larger in which the output of the oxygen sensor is shifted to a lean side.