A method of and an apparatus for controlling boost pressure in a turbocharged internal combustion engine. A turbine disposed in the engine exhaust passage is driven by exhaust gas and in turn drives a compressor disposed in the engine air intake passage, thus boosts the engine combustion chamber by delivering pressurized air thereto. The boost pressure is reduced when the actual ignition timing becomes more retarded than a reference ignition timing. The reference ignition timing is varied in proportion to an engine speed and/or an intake air pressure. Since the decision whether or not to reduce the boost pressure is based on the ignition timing actually being applied to the engine, no risk of damage to the engine arises and unnecessary reduction of engine output can be reliably prevented, enabling the engine to operate with optimum performance.