b -> s \gamma decay in the two Higgs doublet model with flavor changing neutral currents

We study the b --> s\gamma decay including the next to leading QCD corrections in the two Higgs doublet model with flavor changing neutral currents at the tree level. We find the constraints to the flavor changing parameters of the model, using the experimental results on the branching ratio of B --> X_s \gamma decay, provided by the CLEO Collaboration, the restrictions coming from the \Delta F=2 (F=K,D,B) mixing and the \rho parameter.