The true role of entanglement in two-photon virtual-state spectroscopy (Saleh et al 1998 Phys. Rev. Lett. 80 3483), a two-photon absorption spectroscopic technique that can retrieve information about the energy level structure of an atom or a molecule, is controversial. The consideration of closely related techniques, such as multidimensional pump–probe spectroscopy (Roslyak et al 2009 Phys. Rev. A 79, 063409), suggests that spectroscopic information might also be retrieved by using uncorrelated pairs of photons. Here we show that this is not the case. In the two-photon absorption process, the ability to obtain information about the energy level structure of a medium depends on the spectral shape of existing temporal (frequency) correlations between the absorbed photons. In fact, it is a combination of both the presence of frequency correlations (entanglement) and their specific spectral shape that makes the realization of two-photon virtual-state spectroscopy possible. This result helps in selecting the type of two-photon source that needs to be used in order to experimentally perform the two-photon virtual-state spectroscopy technique. ; Peer Reviewed ; Postprint (published version)