A control device for an internal combustion engine, equipped with: an exhaust purification catalyst capable of storing oxygen; a downstream-side air-fuel ratio sensor arranged downstream in the direction of flow of exhaust from the exhaust purification catalyst; and an air-fuel ratio control device that controls the air-fuel ratio such that air-fuel ratio of the exhaust flowing into the exhaust purification catalyst reaches a target air-fuel ratio. The control device changes the target air-fuel ratio to a lean air-fuel ratio setting when the exhaust air-fuel ratio detected by the downstream-side air-fuel ratio sensor reaches a rich air-fuel ratio, and then changes the target air-fuel ratio to a slightly lean air-fuel ratio setting before the exhaust air-fuel ratio detected by the downstream-side air-fuel ratio sensor reaches a lean air-fuel ratio, and then changes the target air-fuel ratio to a rich air-fuel ratio setting when the exhaust air-fuel ratio detected by the downstream-side air-fuel ratio sensor reaches a lean air-fuel ratio, and then changes the target air-fuel ratio to a slightly rich air-fuel ratio setting before the exhaust air-fuel ratio detected by the downstream-side air-fuel ratio sensor reaches a rich air-fuel ratio.