Itinerant-electron theory of metamagnetism taking into account the eff
ect of spin fluctuations is proposed on the Hubbard model within the s
tatic approximation in the functional integral formalism. It is possib
le to treat the metamagnetism of the system with large amplitudes of t
he moment and spin fluctuation. Effects of spin fluctuations and Stone
r excitations on the temperature-dependence of paramagnetic susceptibi
lity and the metamagnetic transition under external magnetic field are
investigated numerically on a simple model (electronic) density of st
ates. It is shown that both effects are quantitatively important in me
tamagnetism.