We investigate the tight monogamy and polygamy relations of multiparty entanglement for arbitrary quantum states. By using the power of the bipartite measure of entanglement, we establish a class of tight monogamy relations of multiparty entanglement with larger lower bounds than the existing monogamy relations. We also give a class of tight polygamy relations of multiparty entanglement with smaller upper bounds than the existing polygamy relations, by using the power of the entanglement of assistance. It is shown that these new monogamy and polygamy relations are tighter than the former results.