We evaluate the important two-loop matrix element of theoperator (cbar gamma^mu P_L b) (sbar gamma_mu P_L b) contributing to theinclusive radiative decay B -> X_s gamma. The calculation is performed in theNDR scheme, by means of asymptotic expansions method. The result is given as aseries in z = m_c^2/m_b^2 up to O(z^6). We confirm the result of Greub, Hurthand Wyler obtained by a different method up to 0(z^3). Higher-order terms arefound to be numerically insignificant.