React setState not Updating Immediately

You should invoke your second function as a callback to setState, as setState happens asynchronously. Something like:

this.setState({pencil:!this.state.pencil}, myFunction)

However in your case since you want that function called with a parameter you're going to have to get a bit more creative, and perhaps create your own function that calls the function in the props:

myFunction = () => {
  this.props.updateItem(this.state)
}

Combine those together and it should work.

On Ben Hare's answer, If someone wants to achieve the same using React Hooks I have added sample code below.

import React, { useState, useEffect } from "react"

let [myArr, setMyArr] = useState([1, 2, 3, 4]) // the state on update of which we want to call some function

const someAction = () => {
  let arr = [...myArr]
  arr.push(5) // perform State update
  setMyArr(arr) // set new state
}

useEffect(() => { // this hook will get called everytime when myArr has changed
// perform some action which will get fired everytime when myArr gets updated
   console.log('Updated State', myArr)
}, [myArr])

Calling setState() in React is asynchronous, for various reasons (mainly performance). Under the covers React will batch multiple calls to setState() into a single state mutation, and then re-render the component a single time, rather than re-rendering for every state change.

Fortunately, the solution is rather simple - setState accepts a callback parameter:

checkPencil: () => {
   this.setState(previousState => ({
      pencil: !previousState.pencil,
   }), () => {
      this.props.updateItem(this.state);
   });
}