We explain in this paper in simple terms the behavior of two-photon lasers
and describe recent results that have led to the realization of the first c
ontinuous-wave two-photon optical laser. We stress the differences between
one- and two-photon lasers to develop an appreciation of their dynamics and
the difficulties associated with achieving two-photon lasing. We find simi
larities and significant differences between the one- and two-photon polari
zations of the medium, population inversion and mode-pulling formula. The t
heory is treated semiclassically by using Maxwell-Bloch equations. We study
the linear stability analysis of the steady state of the system which is t
aken to be contained in a ring cavity. The results are illustrated with an
application to a specific atomic system in a long sample of sodium vapor as
an amplifying medium, in which the possibility of short pulse train genera
tion is exhibited.