A camera monitoring system and a method of controlling the same are provided. The camera monitoring system includes a camera assembly that captures an image of an outer side surface of a vehicle and a mirror assembly disposed to overlap at least a portion of the camera assembly. A driver performs deployment and folding of the camera assembly and the mirror assembly. A controller operates the driver in response to an input of the deployment or folding of the camera assembly and the mirror assembly and determines a failure of the camera assembly. The camera assembly and the mirror assembly are moved based on a single drive shaft, and the controller deploys or folds the camera assembly and the mirror assembly.