We present here a theoretical approach to compute the molecular magnetic anisotropy parameters, D M and E M for single molecule magnets in any given spin eigenstate of exchange spin Hamiltonian. We first describe a hybrid constant M S -valence bond (VB) technique of solving spin Hamiltonians employing full spatial and spin symmetry adaptation and we illustrate this technique by solving the exchange Hamiltonian of the Cu 6 Fe 8 system. Treating the anisotropy Hamiltonian as perturbation, we compute the D M and E M values for various eigenstates of the exchange Hamiltonian. Since, the dipolar contribution to the magnetic anisotropy is negligibly small, we calculate the molecular anisotropy from the single-ion anisotropies of the metal centers. We have studied the variation of D M and E M by rotating the single-ion anisotropies in the case of Mn 12 Ac and Fe 8 SMMs in ground and few low-lying excited states of the exchange Hamiltonian. In both the systems, we find that the molecular anisotropy changes drastically when the single-ion anisotropies are rotated. While in Mn 12 Ac SMM D M values depend strongly on the spin of the eigenstate, it is almost independent of the spin of the eigenstate in Fe 8 SMM. We also find that the D M value is almost insensitive to the orientation of the anisotropy of the core Mn(IV) ions. The dependence of D M on the energy gap between the ground and the excited states in both the systems has also been studied by using different sets of exchange constants.