An air-fuel ratio control apparatus includes an air-fuel ratio detector, an oscillation signal generator, an air-fuel ratio oscillation device, a sum/difference frequency component intensity calculator, a decision parameter calculator, and an imbalance failure determination device. The sum/difference frequency component intensity calculator is configured to calculate, while the air-fuel ratio oscillation device is in operation, at least one of a component intensity of a difference frequency and a component intensity of a sum frequency. The decision parameter calculator is configured to calculate, according to at least one of the component intensity of the difference frequency and the component intensity of the sum frequency, a decision parameter to determine a degree of imbalance of an air-fuel ratio. The imbalance failure determination device is configured to determine an imbalance failure in which the degree of imbalance of the air-fuel ratio exceeds an allowable limit using the decision parameter.