  We present a concise review of the recent theoretical progress concerning the
standard model calculation of the inclusive radiative Bbar -> X_s gamma decay.
Particular attention is thereby devoted to the calculations of the
next-to-next-to-leading order fixed-order O(alpha_s^2) contributions, non-local
O(alpha_s Lambda/m_b) power corrections, and logarithmic-enhanced O(alpha_s^2)
cut-effects to the decay rate. The current status of new physics calculations
of the inclusive b -> s gamma mode is also briefly summarized.
