Rare K -> pi nu nubar Decays

We present a concise review of the theoretical status of rare K -> pi nu nubar decays in the standard model (SM). Particular attention is thereby devoted to the recent calculation of the next-to-next-to-leading order (NNLO) corrections to the charm quark contribution of K^+ -> pi^+ nu nubar, which removes the last relevant theoretical uncertainty from the K -> pi nu nubar system.