We present an improved version of FIT3D, a fitting tool for the analysis of the spectroscopic properties of the stellar populations and the ionized gas derived from moderate resolution spectra of galaxies. This tool was developed to analyze integral field spectroscopy data and it is the basis of P 3D, a pipeline used in the analysis of CALIFA, MaNGA, and SAMI data. We describe the philosophy and each step of the fitting procedure. We present an extensive set of simulations in order to estimate the precision and accuracy of the derived parameters for the stellar populations and the ionized gas. We report on the results of those simulations. Finally, we compare the results of the analysis using FIT3D with those provided by other widely used packages, and we find that the parameters derived by FIT3D are fully compatible with those derived using these other tools.