The game against The Grecians at Stadium:mk will be played on the weekend of 28th/29th November.
The Dons made it through to the Second Round with a 1-0 home win against manager Paul Ince's former club Macclesfield on Saturday afternoon whilst Exeter booked their place in the next round with a 4-0 away win at Nuneaton Town.
Full FA Cup second round draw:
Northwich Victoria v Lincoln City
Northampton Town v Southampton
Hereford United v Colchester United
Tranmere Rovers/Leyton Orient v Aldershot Town
Kettering Town v Leeds United
Gillingham v Burton Albion
Wrexham v Swindon Town
Wycombe Wanderers/Brighton & Hove Albion v Rushden & Diamonds
Rotherham United v Luton Town/Rochdale
Milton Keynes Dons v Exeter City
Gateshead/Brentford v Walsall
Carlisle United/Morecambe v Norwich City
Accrington Stanley v Barnet
Oxford United v Barrow
Bournemouth v Notts County
Stockport County v Torquay United
Cambridge United v York City
Bath City v Forest Green Rovers/Mansfield Town
Port Vale/Stevenage Borough v Huddersfield Town
Staines Town v Millwall/AFC Wimbledon