Summary: After recalling the constitutive equations of finite strain poroelasticity formulated at the macroscopic level, we adopt a microscopic point of view which consists of describing the fluid-saturated porous medium at a space scale on which the fluid and solid phases are geometrically distinct. The constitutive equations of poroelasticity are recovered from the analysis conducted on a representative elementary volume of porous material open fluid mass exchange. The procedure relies upon the solution of a boundary value problem defined on the solid domain of the representative volume undergoing large elastic strains. The macroscopic potential, computed as the integral of the free energy density over the solid domain, is shown to depend on the macroscopic deformation gradient and the porous space volume as relevant variables. The corresponding stress-type variables obtained through the differentiation of this potential turn out to be the macroscopic-Boussinesq stress tensor and the pore pressure. Furthermore, such a procedure makes it possible to establish the necessary and sufficient conditions to ensure the validity of an ‘effective stress’ formulation of the constitutive equations of finite strain poroelasticity. Such conditions are notably satisfied in the important case of an incompressible solid matrix.