A general theory of spin fluctuations and thermodynamical properties of itinerant electron magnets is developed, interpolating between the weakly and strongly ferromagnetic limits. A unified expression is given for the Curie temperature and the physical meaning of the Curie-Weiss magnetic susceptibility is discussed. As new phenomena derived from this theory the temperature-induced local magnetic moments as observed in CoS2, CoSe2, etc. and peculiar magnetic and thermal properties of nearly ferromagnetic semiconductors such as FeSi are discussed