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In the context of the indirect search for non-standard physics in the flavour sector of the Standard Model (SM), one of the most interesting processes is the rare inclusive B -> X_s gamma decay. On the one hand, being a flavour-changing neutral current, this B decay is sensitive to new physics, as it is loop-suppressed in the SM. On the other hand, it is only mildly affected by non-perturbative effects, and thus allows for precise theoretical predictions in the framework of renormalization-group improved perturbation theory. Accurate measurements as well as precise theoretical predictions with a good control over both perturbative and non-perturbative contributions have to be provided in order to derive stringent constraints on the parameter space of physics beyond the SM. On the experimental side, an outstanding accuracy in the measurement of the B -> Xs gamma decay rate has been achieved, which is mainly due the specialized experiments BaBar and Belle at the so-called B factories. To match the small experimental uncertainty, higher order computations within an effective low-energy theory of the SM are mandatory. In fact, next-to-next-to-leading order (NNLO) QCD corrections are required to provide a prediction for the decay rate with the same precision as the measurement. The NNLO evaluation of the B -> Xs gamma decay rate has been pursued by various groups over the last decade. The project was completed to a large extent and a first estimate at this level of perturbation theory was obtained in 2006. This prediction, however, lacks important contributions from yet unknown matrix elements, that were estimated from results which are only partially known to date. In this work, we provide a framework for the systematic study of the missing matrix elements at the NNLO. As main results of this thesis, we determine fermionic corrections to the charm quark mass dependent matrix elements of four-quark operators in the effective theory at NNLO. For the first time, the full mass dependence was kept. Moreover, we evaluate both bosonic and fermionic corrections to the decay rate in the limit of vanishing charm quark mass. These findings, combined with yet unknown remaining real contributions, will help to reduce the uncertainty of the NNLO branching ratio estimate considerably. Another central topic of the present work is the development of an automatic high-precision computation of multi-loop multi-scale integrals, a crucial ingredient for the here presented results.