The two-photon generator of coherent light formed from entangled photon pairs is proposed. Considering the multi-mode field of micro-cavity in the processes of generation of photon pairs the two-photon resonator losses are proposed. The master equation for cavity biphotons is obtained from quantum treatment of problem. The analytical and numerical stationary solutions for master equation are presented. Also is found that the lasing of light is started from vacuum fluctuations of cavity field. The comparison of proposed model with other two-photon laser models is discussed.