An air-fuel ratio control system of a multi-cylinder internal combustion engine provided with a throttle valve and opening characteristic control means, which system performs feedback control of an air-fuel ratio based on an output of a sensor detecting an air-fuel ratio of exhaust gas and is capable of performing more accurate air-fuel ratio control, is provided. In the feedback control, the relationship of the output of the sensor and a feedback value is corrected based on a feedback learning correction value learned and determined based on the output of the sensor during the feedback control, and, when newly learning the feedback learning correction value, the intake air amount is controlled by only the throttle valve.