In an apparatus for controlling an air/fuel ratio of a general-purpose internal combustion engine using mixed fuel containing alcohol and gasoline and operated at a desired engine speed inputted by the operator while a throttle opening is regulated such that a detected engine speed converges to the inputted desired engine speed, a fuel injection amount determined for mixed fuel based on fuel injection amount characteristics is increased/decreased when a load is kept constant and the output air/fuel ratio is estimated to correct the fuel injection amount by the estimated air/fuel ratio, while a switch (knob) is installed to be manipulated by the operator to switch the fuel injection amount characteristics.