We report a general theory of the two-photon excited fluorescence (TPEF) of rotating molecules under the condition of anisotropic depolarisation. The obtained expressions for the TPEF intensity are based upon the spherical tensor approach and valid for any symmetric, or asymmetric top molecule and for any photon polarisation. The expressions are written in terms of the molecular parameters M K (R, R 0 , t) which have clear tensor notation and contain all molecular information that can be extracted from the TPEF experiments. Two important extreme cases are discussed. If the molecular rotation period is much larger than the excited state lifetime, the obtained expressions describe the TPEF in non-rotating molecules under the condition of isotropic relaxation. The time-independent part of these expressions is in agreement with the earlier results of McClain [J. Chem. Phys., 58, 324 (1973)]. The relationship between McClain's molecular parametersQ i and the parameters M K (R, R 0 , 0) is presented and analysed. If the molecular rotation period is much smaller than the excited state lifetime, the expressions describe anisotropy of fluorescence from isolated ro-vibrational molecular states. As shown, under certain approximations the expression still can be written in terms of the M-parameters which are reduced due to molecular rotation by about a factor of (2K þ 1). This result manifests that the fluorescence anisotropy is reduced, but not lost due to the molecular rotation.