  We discuss exclusive radiative decays in QCD factorization within the
Standard Model. In particular, we consider the decays B -> V gamma, with a
vector meson K* or rho in the final state, and the double radiative modes B_s
-> gamma gamma and B_d -> gamma gamma. At quark level, all these decays are
governed by the flavour-changing neutral-current b -> s gamma or b -> d gamma
transitions, which appear at the one-loop level in the Standard Model. Such
processes allow us to study CP violation and the interplay of strong and
electroweak interactions, to determine parameters of the CKM matrix, and to
search for New Physics. The exclusive decays are experimentally better
accessible, but pose more problems for the theoretical analysis. The
heavy-quark limit m_b >> Lambda_QCD, however, allows to systematically separate
perturbatively calculable hard scattering kernels from nonperturbative form
factors and universal light-cone distribution amplitudes. For the B -> V gamma
decays we evaluate the leading Lambda_QCD/m_b contributions complete to
next-to-leading order in QCD, including also QCD penguin operators. The double
radiative B -> gamma gamma decays are analyzed with leading-logarithmic
accuracy. We predict branching ratios, CP and isospin asymmetries, and estimate
U-spin breaking effects for B -> K* gamma and B -> rho gamma. For the B ->
gamma gamma decays we give numerical results for branching ratios and CP
asymmetries.
