An information processing apparatus capable updating firmware thereof, while reducing power consumption. In a case where an image forming apparatus as an information processing apparatus is in a power switch off mode in which a power switch operable by a user is kept turned off and where a setting to permit execution of firmware update has been set by the user, the image forming apparatus stops power supply for execution of processing other than processing performed by a network I/F. When a firmware update request is received by the network I/F, the image forming apparatus restores power supply for execution of firmware update.