Symmetrically substituted diacetylene compounds, which shows large two-photon absorption (TPA) cross sections, have been theoretically investigated by the ab initio molecular-orbital method employing several theoretical models including the configuration interaction with single excitation (CIS), random phase approximation (RPA), and time-dependent density-functional theory (TDDFT) methods. The calculated excited energies are overestimated by CIS or RPA, whereas underestimated by TDDFT with the B3LYP parametrization for both one-photon absorption (OPA) and TPA allowed states. The lowest OPA state is well described by the highest occupied molecular orbital (HOMO)-lowest unoccupied molecular orbital (LUMO) transition. On the other hand, lower TPA allowed states can be represented as the superposition of the HOMO-LUMO+1 and HOMO-1-LUMO transitions, giving rise to two TPA allowed states. The absorption intensity for the lower TPA state of the diacetylenes molecules is discussed in terms of the alternancy symmetry and its breaking. The symmetry property is differently manifested for neutral and dicationic diacetylenes. Introduction of charges breaks the alternancy symmetry, which gives rise to an increase in the TPA cross sections at the lower frequency. The upper TPA state is calculated to show huge TPA cross sections, which reproduces the enhancement of the TPA cross section experimentally observed for one of the diacetylenes at the higher-frequency region. The enhancement is discussed employing an index defined as the ratio of the transition polarizability and its static limit, which represents the degree of influence of one-photon resonance on the TPA intensity. The huge TPA cross sections are found to be due to a near-resonance effect. The present theoretical calculation approves the previously proposed assumption based on the four-state (dual three-state) model, which consists of the ground, one OPA allowed, and two TPA allowed states.