We analyze the direct CP violation in the rare decay K L → π 0 e + e − with QCD effects taken into account consistently in the next-to-leading order. We calculate the two-loop mixing between the four-quark ∆S = 1 operators and the operator Q 7V = (sd) V −A (ee) V in the NDR and HV renormalization schemes. Using the known two-loop anomalous dimension matrix of the four-quark operators, we find that the coefficient C 7V (µ) depends only very weakly on µ, renormalization scheme and Λ MS . The next-to-leading QCD corrections enhance the direct CP violating contribution over its leading order estimate so that it remains dominant in spite of the recent decrease of |V ub /V cb | and |V cb |. We expect typically BR(K L → π 0 e + e − ) dir ≈ 6 · 10 −12 , although values as high as 10 −11 are not yet excluded.