Abstract： Starting from the microscopic Hamiltonian of the three-level model and making use of the slowly varying amplitude approximation and the two-photon rotating wave approximation, we derive an effective Hamiltonian for the two-level two photon model under conditions where the two-photon process dominates the other radiartive processes, so that an exact relation between the three-level model and the two-level two-photon model is established. The effective Hamiltonian includes a term come from the optical Stark effect which was neglected in the conventional treatment. The coefficient of this term may have the same order of magnitude as the effective coupling constant. Based on this effective Hamiltonian, the standard method of Haken's laser theory is applied to study the threshold, the mean photon number, the self-induced frequency shift, the photon statistics and the fluctuation in steady states. Results are compared with previous ones which neglect the Strk effect.