A vision system for a vehicle includes at least a first imager, an image processor, and at least a second imager. The first imager has a field of view through the windshield of the vehicle in the direction of forward travel of the vehicle. The second imager captures video images of a scene occurring exteriorly and rearwardly of the vehicle. When the vehicle is executing a reversing maneuver, the image processor processes image data captured by the second imager to detect objects in the exterior scene to assist the driver in reversing the vehicle, and when the vehicle is traveling forward, the image processor and the first imager are part of at least one of (i) a headlamp control system of the vehicle, (ii) a rain sensing system of the vehicle, (iii) a lane departure warning system of the vehicle and (iv) a traffic sign recognition system of the vehicle.