A vehicular collision mitigation method includes providing a plurality of cameras, a non-imaging sensor, and a control that processes data captured by the cameras and non-imaging sensor. When the equipped vehicle is traveling forward, and responsive at least in part to determination that the equipped vehicle is approaching an object forward of the equipped vehicle, braking by an automatic emergency braking system of the equipped vehicle is controlled to mitigate collision with the object present forward of the equipped vehicle. Responsive to determination that a following vehicle is following the equipped vehicle and that the determined following vehicle is within a threshold distance from the equipped vehicle and is approaching the equipped vehicle above a threshold rate of approach, braking by the automatic emergency braking of the equipped vehicle is adjusted to mitigate collision at the rear of the equipped vehicle by the determined following vehicle.