Four‐wave parametric amplification is discussed when the incident pump frequency is close to a two‐photon resonant transition in the material. Expressions for the amplification factor are obtained both under steady‐state and pulsed excitation and also for a nonmonochromatic pump. For ultrashort‐pulse excitation an ’’energy theorem’’ is derived and discussed. In steady state, expressions for optimum frequency and intensity are obtained. The amplification factor under broad‐band excitation decreases with increasing pump linewidth.