We performed a detailed experimental investigation and quantum-chemical analysis of two-photon absorption (2PA) spectra of a series of symmetrical cationic polymethines and neutral squaraines having similar structures. Degenerate 2PA spectra of these molecules are taken by using two-photon fluorescence spectroscopy and the Z-scan technique. All measurements are made with 150 fs laser pulses of 1 kHz repetition rate in the tuning range of 520-2100 nm(0.6-2.4 eV). Comparing 2PA spectra of polymethines and squaraines, we find that we can access considerably larger 2PA cross sections (≥8600×10−50 cm4s/photon) in the squaraines owing to narrower linear absorption spectra and an increase in the density of unoccupied molecular orbitals introduced by the squaraine acceptor group in the conjugated chain.