The molecular term symbol is a shorthand expression of the angular momenta that characterize the electronic quantum states of a diatomic molecule, which are also eigenstates of the electronic molecular Hamiltonian. It is also convenient, and common, to represent a diatomic molecule as two-point masses connected by a massless spring. The energies involved in the various motions of the molecule can then be broken down into three categories: the translational, rotational, and vibrational energies.The theoretical study of the rotational energy levels of the diatomic molecules can be described using the below description of the rotational energy levels. While the study of vibrational energy level of the diatomic molecules can be described using the harmonic oscillator approximation or using the quantum vibrational interaction potentials.  These potentials give more accurate energy levels because they take multiple vibrational effects into account.
Concerning history, the first treatment of diatomic molecules with quantum mechanics was made by Lucy Mensing in 1926.