We study the behaviors of pairwise and multipartite entanglement in a molecular magnet with itinerant electrons. In different ground states, the ratio of pairwise to multipartite entanglement is different. The monogamy of quantum entanglement is shown. Both charge correlation and spin correlation play important roles in the entanglement. The entanglements are generally suppressed by the on-site repulsion U and are mainly determined by spin correlation for large U and by charge correlation for small U. At finite temperature, in general, the thermal fluctuation suppresses the entanglements. However, in some cases, the multipartite entanglement can be enhanced by increasing temperature. Comparing the Heisenberg model with the Hubbard model, it is found that thermal entanglement in the itinerant electron system is more robust because charge correlation can survive at much higher temperature than spin correlation.