A multi-camera vehicular video display system includes an interior rearview mirror assembly having a mirror head that includes a transflective mirror element and a video display screen disposed behind the transflective mirror element. The mirror assembly includes a mechanism that is operable to change orientation of the transflective mirror element relative to a driver of the vehicle. When the mechanism changes orientation to a second position that is tilted away from the eyes of the driver of the vehicle, the video display screen displays video images viewable through the transflective mirror element. When the mechanism changes orientation to a first position that is tilted towards the eyes of the driver of the vehicle, the video display screen does not display video images. The displayed video images are derived, at least in part, from image data captured by at least one exterior viewing camera of the vehicle.