The symmetric projective varieties of rank one are all smooth and Fano by a classic result of Akhiezer. We classify the locally factorial (respectively smooth) projective symmetric G-varieties of rank 2 which are Fano. When G is semisimple we classify also the locally factorial (respectively smooth) projective symmetric G-varieties of rank 2 which are only quasi-Fano. Moreover, we classify the Fano symmetric G-varieties of rank 3 obtainable from a wonderful variety by a sequence of blow-ups along G-stable varieties. Finally, we classify the Fano symmetric varieties of arbitrary rank which are obtainable from a wonderful variety by a sequence of blow-ups along closed orbits.