A vision system of a vehicle includes a camera disposed at the vehicle and having a field of view exterior of the vehicle. The camera is operable to capture frames of image data. Responsive to image processing by an image processor of captured image data, a control is operable to determine objects present in the field of view of the camera. Responsive to vehicle data, the control determines a vehicle motion vector during driving of the vehicle by a driver of the vehicle. The control determines movement of an object relative to the vehicle via image processing of at least two frames of captured image data during driving of the vehicle by the driver of the vehicle. The control compares the determined relative movement of the object to the determined vehicle motion vector, and responsive to the comparison, the control may determine a misalignment of the camera.