Abstract. In this paper we give a classification of the rank two p-local finite groups for odd p. This study requires the analysis of the possible saturated fusion systems in terms of the outer automorphism group of the possible Fradical subgroups. Also, for each case in the classification, either we give a finite group with the corresponding fusion system or we check that it corresponds to an exotic p-local finite group, getting some new examples of these for p = 3.