A vehicular imaging system includes an imaging device that captures image data and a control for processing captured image data. The control may utilize edge detection in processing captured image data. Responsive at least in part to processing of captured image data by the control, the control determines objects of interest present in the field of view of the imaging device. The objects of interest determined to be present in the field of view of the imaging device include at least one of (i) vehicles present exterior of the vehicle, (ii) headlights of vehicles present exterior of the vehicle, (iii) a bicycle that is present exterior of the vehicle and (iv) a bicycle rider that is present exterior of the vehicle. Responsive at least in part to processing of captured image data by the control, a driver of the vehicle is alerted to a hazardous condition.