This paper describes the results of studies on the behavior of air-fuel ratios under feedback control, the effect of air-fuel ratio modulation on three-way catalyst conversion efficiency and emission test results with and without feed back control. As a further measure for decreasing automobile exhaust emissions, the three-way catalyst activity for reduction of CO, HC and NOx emissions is most effectively utilized when the normal engine air-fuel ratio perturbations are controlled and limited. In order to attain such an objective, this report describes the governing characteristics of an air-fuel ratio control system using an EFl engine coupled to a ZrO2 type O2 sensor and feed back loop. The conversion efficiency characteristics of a conventional three-way catalyst, using systematically modulated air-fuel ratios, and the resultant reduction of exhaust emissions with these systematic fluctuations and limited perturbations are also defined.