  We present a concise review of the recent theoretical progress concerning the
standard model calculations of the rare K_L -> pi^0 nu anti-nu, K^+ -> pi^+ nu
anti-nu (gamma), anti-B -> X_s gamma, and anti-B -> X_s l^+ l^- decays. The
current status and future of the model-independent analysis of rare K- and
B-meson decays within constrained minimal-flavor-violation is also briefly
discussed.
