An air-fuel control system for use with an internal combustion engine has a catalytic converter disposed in an exhaust system of the engine, for purifying an exhaust gas emitted from the engine, a first exhaust gas sensor in the exhaust system for detecting an air-fuel ratio of the exhaust gas upstream of the catalytic converter, a second exhaust gas sensor in the exhaust system for detecting the concentration of a component of the exhaust gas which has passed through the catalytic converter, downstream of the catalytic converter, and a correction quantity calculator for determining a correction quantity to correct an air-fuel ratio of the engine based on an output from the second exhaust gas sensor so as to equalize the concentration of the component of the exhaust gas downstream of the catalytic converter to a predetermined appropriate value. The air-fuel ratio of the engine is controlled based on the determined correction quantity and an output from the first exhaust gas sensor so as to converge the concentration of the component toward the predetermined appropriate value. A state predictor estimates the concentration of the component, detected by the second exhaust gas sensor, after a dead time present in an exhaust system including the catalytic converter between the first and second exhaust gas sensors, based on outputs up to present from the first and second exhaust gas sensors. The correction quantity calculator determines the air-fuel ratio of the engine so as to equalize the concentration of the component to the predetermined appropriate value, based on the estimated concentration of the component.