We calculate the two-loop QCD mixing of the dimension-five flavor-chan
ging operators that arise in the Standard Model after integrating out
the W, Z and Higgs bosons and the top-quark, i.e, the mixing among glu
onic and photonic magnetic moment operators. Our calculation completes
the two-loop anomalous dimension matrix of operators that govern low
energy flavor-changing processes. It is an important ingredient of the
next-to-leading calculation of the B --> X(s) gamma decay rate.