A catalyst deterioration diagnosing apparatus is provided with means for performing stoichiometric feedback control on the air-fuel ratio based on at least output from an upstream air-fuel ratio sensor provided upstream of a catalyst, means for measuring the oxygen storage capacity of the catalyst, and means for correcting the measured value of the oxygen storage capacity based on at least the output behavior of a downstream air-fuel ratio sensor provided downstream of the catalyst during the stoichiometric feedback control. The measured value of the oxygen storage capacity is corrected using the output behavior of the downstream air-fuel ratio sensor during stoichiometric feedback control. The diagnostic is performed after eliminating the effects from sulfur by correcting the measured value to a value corresponding to when low sulfur fuel is used, which makes it possible to prevent an erroneous diagnosis from being made.