Since the realization of the strong coupling between light and matter in experimental setups, the quantum Rabi model and its generalized models describing the interaction between the boson field and the two-level system have attracted extensive interest again. The study of anisotropic generalized Rabi models enables us to better understand the novel physical properties of the interaction between light and matter in the ultra-strong and deep-strong coupling regions. In this work, the two-photon anisotropic Rabi-Stark model (tpARSM) is analytically solved by using the Bogoliubov operator approach and the su(1, 1) Lie algebra. We derive the G-function, whose zeros give the regular spectrum of the system. By studying the pole structure of the G-function and the coefficients in the function, exceptional solutions, including the first-order quantum phase transition points, doubly degenerate exceptional solutions and nondegenerate exceptional solutions, are obtained. By discussing the spectral structure, we give the conditions for the first-order quantum phase transition of tpARSM. Furthermore, we find that the property that all of the lowest doubly degenerate crossing points in the two-photon Rabi-Stark model have the same energy only holds for the special case of the tpARSM in which the anisotropy parameter is equal to 1. Finally, from the perspective of first-order quantum phase transitions, concise conditions for the ground state energy level to collapse to or escape from the collapse point for the tpARSM are presented. A good understanding of the tpARSM will lay a good foundation for studying the extended two-photon systems involving multiple levels and multiple bosonic modes, and even the relevant open quantum systems.