An electronic lock with power failure control circuit includes a lock mechanism having a latchbolt movable between extended and a retracted positions and an electrically powered lock actuator to lock and unlock the latchbolt. The power failure control circuit includes a microcontroller and the lock is connected to a primary power source and an auxiliary power source, preferably supercapacitors and charger that can be turned on by the microcontroller and off when the charger signals a full charge. A power monitor circuit detects low voltage on the primary power supply and sets a power failure interrupt causing the microcontroller to execute power failure instructions that control the actuator so that the lock is placed into a desired locked or unlocked final state during the power failure. upon detection of the return of good power, the system resets the lock.