A control device for a vehicle including a multi-speed transmission having gear positions switched by executing release of a release-side engagement device out of a plurality of engagement devices and engagement of an engagement-side engagement device out of the plurality of engagement devices, and an engine of which a power is transmitted through the multi-speed transmission to drive wheels, the control device being configured to perform a shift of the multi-speed transmission by using a predefined shift model for determining control operation amounts of a torque (Tin) at an input rotating member of the multi-speed transmission, a torque capacity (Tcbdrn) of the release-side engagement device, and a torque capacity (Tcbapl) of the engagement-side engagement device, the control operation amounts achieving shift target values that are a target value (Totgt) of a torque (To) at an output rotating member of the multi-speed transmission and a target value (dωintgt/dt) of angular acceleration (d(ωin/dt) of the input rotating member of the multi-speed transmission, the control device characterised by comprising: a condition setting portion configured to set a condition necessary for determining the control operation amounts using the shift model such that during a downshift performed during deceleration running associated with accelerator-off state, an output torque (Te) of the engine is raised with the release-side engagement device released so as to increase a rotation speed (ωin) of the input rotating member of the multi-speed transmission toward a synchronous rotation speed after the downshift and such that the engagement-side engagement device is then engaged; and a shift target value setting portion configured to set the target value of the torque (To) at the output rotating member of the multi-speed transmission during the downshift such that the torque at the output rotating member of the multi-speed transmission is increased from a value of the torque (To) at the output rotating member before the downshift within a range of zero or less, and when a rotation speed of the input rotating member of the multi-speed transmission approaches the synchronous rotation speed after the downshift, the target value is reduced toward a torque at the output rotating member after the downshift. a condition setting portion configured to set a condition necessary for determining the control operation amounts using the shift model such that during a downshift performed during deceleration running associated with accelerator-off state, an output torque (Te) of the engine is raised with the release-side engagement device released so as to increase a rotation speed (ωin) of the input rotating member of the multi-speed transmission toward a synchronous rotation speed after the downshift and such that the engagement-side engagement device is then engaged; and a shift target value setting portion configured to set the target value of the torque (To) at the output rotating member of the multi-speed transmission during the downshift such that the torque at the output rotating member of the multi-speed transmission is increased from a value of the torque (To) at the output rotating member before the downshift within a range of zero or less, and when a rotation speed of the input rotating member of the multi-speed transmission approaches the synchronous rotation speed after the downshift, the target value is reduced toward a torque at the output rotating member after the downshift.