An air-fuel ratio control system for an internal combustion engine, which, at the resumption of air-fuel ratio feedback control, is capable of setting the initial value of an integral term of the feedback control to a value properly learned in preceding feedback control, thereby enabling improvement of control accuracy. To feedback-control the output value of an O2 sensor to a target value, a target air-fuel ratio is calculated. During the feedback control, when it is determined that a predetermined condition in which it is estimated that exhaust gas air-fuel ratio upstream of the catalyst is excellently reflected on an exhaust gas air-fuel ratio at a location midway or downstream of the catalyst is satisfied, an adaptive law input calculated immediately before interruption of the feedback control is updated and stored as the initial value of an integral term for the following execution of the feedback control.