An internal combustion engine comprises an exhaust purification catalyst and a downstream side air-fuel ratio sensor which is arranged at a downstream side of the exhaust purification catalyst. A control system can perform fuel cut control which stops the feed of fuel to the internal combustion engine during operation of the internal combustion engine, and, after the end of fuel cut control, performs post-return rich control which sets the exhaust air-fuel ratio to a rich air-fuel ratio. The control system correct the output air-fuel ratio of the downstream side air-fuel ratio sensor, based on a difference between the stoichiometric air-fuel ratio and the output air-fuel ratio in the output stabilization time period, which is a time period when the amount of change per unit time of the output air-fuel ratio of the downstream side air-fuel ratio sensor is a predetermined value or less, in the time period after the end of the fuel cut control and before the output air-fuel ratio of the downstream side air-fuel ratio sensor becomes a rich judged air-fuel ratio or less.