The steepest descent perturbation theory is extended to the calculation of the energy and eigenfunction of the excited state of a quantum system. In case of the orthogonality of the trial function for the excited state to those for lower-energy state or ground state in the same symmetry class is preserved, the variational collapse to lower energy state can be avoided in this proposal. An iterative procedure is given for generating better eigenvalue and eigenfunction of the excited state without requiring an infinite summation over reference states as in conventional perturbation theory. This new perturbation method can be applied to calculate the excitation energy and wave function of excited states for any many-body quantum system to a high degree of accuracy without so much computational effort as in conventional method.