I present a perturbation theory of multiphoton ionization based on the resolvent operator. The theory is applied to a detailed study of two-photon ionization under near-resonance conditions. It is shown that a distinction must be made between linear level shifts and widths, and resonance shifts and widths which appear in the transition probability. The resonance shifts and widths exhibit saturation effects and their values tend to be much smaller than those of the linear level shifts and widths. Using numerical examples corresponding to tunable dye lasers and alkali-metal atoms, we show that the above shifts can have a dramatic effect on the ionization rate even when the laser is not in exact resonance with the intermediate level. The question of "one-step" vs "two-step" two-photon ionization is also discussed. It is shown that exact resonance does not necessarily imply a two-step process. In fact, in most cases it is quite the opposite. A quantitative criterion for this distinction is established. Finally, a distinction is made between instrumental saturation and saturation of the transition probability. The two are shown to be of different nature. Further extensions of the work are also discussed.