An exhaust system of a saddle-ride type vehicle includes an end cap and a muffler close to each other to achieve uniformity therebetween and which is capable of preventing the occurrence of a knocking sound. The exhaust system of a saddle-ride type vehicle includes a muffler connected to an exhaust pipe for discharging exhaust of an engine E and an end cap is attached to a muffler rear end portion. In the end cap, an insertion portion thereof is inserted into and held by an end cap inserted portion provided in the muffler rear end portion, and multiple protruding portions are formed on an outer surface of the insertion portion at a predetermined interval in a circumferential direction of the outer surface. The multiple protruding portions come in contact with an inserted portion inner peripheral wall surface of the end cap inserted portion.