The magnetism of itinerant electron system i.e. the Extended Hubbard Model system with exchange interaction is investigated at any arbitrary electron density by making use of the perturbational expansion in terms of the transfer integral upto second order. It turns out that the ferromagnetic coupling exists as well as the antiferromagnetic coupling, and the competition between ferro- and antiferromagnetism depends not only on the transfer integral and electron density, but also on the ratio of exchange interaction to the transfer parts. It showes out that the exchange interaction can not be neglected, especially in the study of its magnetism even though is small in value.