Two-photon excitation (TPE) of randomly oriented chromophores in solution generates an anisotropic distribution. In a previous paper [Chem. Phys. 179, 513 (1994)], the polarization dependence of the TPE signal probed by a secondary spectroscopic transition (fluorescence or transient absorption) was determined. In this paper, the time dependence of anisotropic two-photon induced fluorescence or transient absorption signals due to rotational diffusion is treated in spherical tensor formalism. The two-photon signal in general contains isotropic (orientation independent) and anisotropic (orientation dependent) contributions. The latter decay with up to five exponential components. Four time-dependent anisotropy parameters can be defined and measured, allowing additional information, not available in conventional one-photon fluorescence depolarization measurements, to be determined. The special case of one-color TPE is discussed in particular. It is shown that by measurement of the linear and circular anisotropies r 1 (t) and r 2 (t), more than one rotational correlation time can be determined in many cases, providing information on rotational diffusion parameters not readily determined by analogous one-photon methods and leading in some cases to resolution of rotational motion about the principal diffusion axes of the molecule.