The analytically exact solutions to the two-photon Rabi-Stark model are given by using the Bogoliubov operators approach. Transcendental functions responsible for the exact solutions are derived. This so-called G-function with pole structure can be reduced to the previous one in the two-photon Rabi model. The zeros of G-functions reproduce completely the regular spectra. The first-order quantum phase transitions are also detected by the pole structure of the derived transcendental functions, similar to the one-photon Rabi-Stark model, different from the twophoton Rabi model where no level crossing can happen for the ground-state and the first excited state. But the spectra collapse resembles that in two-photon Rabi model very much, quite different from the one-photon Rabi-Stark model where all levels collapse.