Combining with our newest CCD times of light minimum of EM Cygni, all 45 available times of light minimum including 7 data with large scatters are compiled and the updated O-C analysis is made. The bestfit for the O-C diagram of EM Cygni is a quadratic-plus-sinusoidal fit. The secular orbital period decrease rate -2.5(pm 0.3)x10^{-11} s s^{-1} means that magnetic braking effect with a rate of mass loss via stellar wind, 2.3x10^{-10}Msunyr^{-1}, is needed for explaining the observed orbital period decrease. Moreover, for explaining the significant cyclical period change with a period of sim 17.74(pm 0.01)yr shown in the O-C diagram, magnetic activity cycles and light travel-time effect are discussed in detail. The O-C diagram of EM Cygni cannot totally rule the possibility of multi-periodic modulation out due to the gaps presented after 25000 cycles. Based on the hypothesis of a K-type third star in literature, light trave-time effect may be a more plausible explanation. However, the low orbital inclination of the third body (sim 7.4 degree) suggests that the hypothetic K-type third star may be captured by EM Cygni. But assuming the spectral contamination from a block of circumbinary material instead of a K-type third star, the third star may be a brown dwarf in case of the coplanar orbit with parent binary.
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