Channel-forming proteins in a lipid bilayer of a biological membrane usually respond to variation of external voltage by changing their conformations. Periodic voltages with frequency comparable with the inverse relaxation time of the protein produce hysteresis in the occupancies of the protein conformations. If the channel conductance changes when the protein jumps between these conformations, hysteresis in occupancies is observed as hysteresis in ion current through the channel. We develop an analytical theory of this phenomenon assuming that the channel conformational dynamics can be described in terms of a two-state model. The theory describes transient behavior of the channel after the periodic voltage is switched on as well as the shape and area of the hysteretic loop as functions of the frequency and amplitude of the applied voltage. The area vanishes as the voltage period T tends to zero and infinity. Asymptotic behaviors of the loop area A in the high- and low-frequency regimes, respectively, are A approximately T and A approximately T(-1).