A vehicular control system includes a camera and a receiver disposed at the equipped vehicle. A control includes an image processor that processes image data captured by the camera to detect vehicles present within the field of view of the camera. The vehicular control system determines presence of another vehicle that constitutes a potential hazard existing exterior of the equipped vehicle responsive at least in part to a wireless communication originating from the other vehicle and received by the receiver. When the other vehicle enters the field of view of the camera, and responsive at least in part to the image processor processing image data captured by the camera, the control detects that the other vehicle is present within the field of view of the camera and controls at least one vehicle function of the equipped vehicle to mitigate collision with the other vehicle.