Radiative corrections in inclusive rare B decays

We report recent theoretical progress in the analysis of radiative corrections in inclusive rare B-decays. In view of the B-factories, currently under construction at SLAC and KEK, and of the upgraded CESR experiment, the experimental status of rare B decays is expected to improve significantly in the near future. We review the complete NLL QCD calculations of the inclusive b -> s gamma and the b -> d gamma decay rates. We also discuss recently computed electroweak corrections and further improvements which lead to the current theoretical prediction of B(B -> X_s gamma) = (3.32 +/- 0.30) * 10^{-4}. We shortly comment on the theoretical uncertainty and on implications to physics beyond the SM. We collect the experimental data already available from CESR and LEP and discuss experimental and theoretical problems regarding the photon energy spectrum.