A vision system for a vehicle includes at least one underbody camera disposed at an underside of a vehicle and having a field of view encompassing a ground surface under the vehicle and being traveled on by the vehicle. The underbody camera captures image data as the vehicle is moving. A control includes an image processor that processes image data captured by the underbody camera. The control, responsive to processing of image data captured by the underbody camera, detects an object under the vehicle that is greater than a threshold height. The control, responsive to detection of the object, generates an output to inform a driver of the vehicle of the detected object under the vehicle.