A vehicular vision system includes an imaging device and a control operable to process image data captured by the imaging device. The control is operable to process the captured image data to detect at least one of (i) a sign ahead of the equipped vehicle, (ii) an animal ahead of the equipped vehicle and (iii) a pedestrian ahead of the equipped vehicle. The control is operable to process the captured image data to detect an oncoming headlight or a leading taillight of another vehicle ahead of the equipped vehicle. An illumination source is operable to illuminate generally forwardly and/or generally sidewardly of the equipped vehicle, and wherein illumination emanating from the illumination source is adjustable.