We investigate the effect of rotation on the star formation process quantitatively using axisymmetric numerical calculations. An adiabatic hydrostatic object (the so-called first core) forms in a contracting cloud core, after the central region becomes optically thick and continues to contract, driven by mass accretion onto it. The structure of a rotating first core is characterized by its total angular momentum J core and mass M core , both of which increase by accretion with time. We find that the first core evolves with a constant J core /M 2 core . Evolutionary paths of first cores can be classified into two types. In a slowly rotating core with J core /M 2 core < 0:015G/( ffiffi ffi 2 p c iso ), where c iso and G represent the isothermal sound speed in the molecular cloud core and the gravitational constant, respectively, the core begins ''second collapse'' after the central density exceeds the H 2 dissociation density. This is the same evolution as a standard scenario for a spherically symmetric, nonrotating core. On the other hand, a core with J core /M 2 core > 0:015G/( ffiffi ffi 2 p c iso ) stops its contraction before the central density reaches the H 2 dissociation density and does not begin the second collapse. These rapidly rotating first cores suffer from nonaxisymmetric instabilities, such as formation of massive spiral arms, deformation into a bar, or fragmentation. Although the rotating first cores have small average luminosities of L core ¼ 0:003 0:03Ṁ core /10 À5 M yr À1 À Á L , assuming a constant mass accretion rateṀ core . Their lifetimes last several thousand years or more, which is much longer than those expected for nonrotating clouds ($1000 yr). We expect that at least several percent of prestellar cores contain first cores as very low luminosity objects. Furthermore, we find a core with 0:012G/( ffiffi ffi 2 p c iso ) < J core /M 2 core < 0:015G/( ffiffi ffi 2 p c iso ) may form close binary systems with initial separation of 0.02-0.1 AU after the second collapse phase.