The stimulated photon echo in degenerate two-level system has been studied. The stimulated photon echo signal for different polarization arrangement of incident lights was obtained basing on the third-order perturbation theory, where, the density matrix was expanded in an irreducible spherical-tensor operator. The characteristics of stimulated photon echo were discussed. Taking ja = jb = 1/2 system as example, we have also studied the relaxation induced stimulated photon echo, where, the polarization arrangement of the three incident pulses is σ+→σ+→σ-.