A multi-camera vision system for a vehicle includes a rear-mounted video camera, a front-mounted video camera, and first and second side-mounted video cameras at respective sides of the vehicle. Captured image data is processed at a central data processor to generate video images for display on a video screen. The captured image data is processed at the central data processor in order to detect objects that are within the combined field of view of the video cameras. At least one non-visual sensor captures sensor data in a region external of the vehicle and the captured sensor data is provided to the central data processor. An alert to the driver of the equipped vehicle is generated when, via processing at the central data processor of at least one of received image data and received sensor data, a potential hazard is determined to exist.