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For S=1 system with general isotropic nearest-neighbor exchange, we derive the low-energy description of the spin nematic phase in terms of the RP^{2} nonlinear sigma-model. In one dimension, quantum fluctuations destroy long-range nematic (quadrupolar) ordering, leading to the formation of a gapped spin liquid state being an analog of the Haldane phase for a spin nematic. Nematic analog of the Belavin-Polyakov instanton with \pi_{2} topological charge 1/2 is constructed. In two dimensions the long-range order is destroyed by thermal fluctuations and at finite temperature the system is in a renormalized classical regime. Behavior in external magnetic field is discussed.

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