The modified generalized Van der Pol-Mathieu equation is generalization of the equation that is investigated by authors Momeni et al. (2007), Veerman and Verhulst (2009) and Kadeřábek (2012). In this article the Bautin bifurcation of the autonomous system associated with the modified generalized Van der Pol-Mathieu equation has been proved. The existence of limit cycles is studied and the Lyapunov quantities of the autonomous system associated with the modified Van der Pol-Mathieu equation are computed.