A theory of degenerate four-wave mixing in absorbing media is developed in terms of a general nonlinear susceptibility. The predictions of the theory are examined in both high and low reflectivity regimes and the specific nonlinearity-inducing mechanisms of thermally induced refractive index changes, the Kerr effect, and saturable absorption are considered. Such a theory is of particular relevance to degenerate four-wave mixing experiments in the ultraviolet and the predictions of the theory are compared with results obtained from such experiments.