A self-consistent analytic formalism of the description of saturation effects in optical rectification is provided. It is shown that a nonlinear absorption term arises from this process that is dominant over two-photon absorption, deriving instead from the nonlinear susceptibility of the third order. An analytical expression for the saturation intensity is provided and compared to experiments in literature. Moreover, it is shown how the saturation effects modify the transfer of the pump spectral phase and amplitude into the terahertz domain.