PACS 74.20.Mn -Nonconventional mechanisms PACS 74.20.-z -Theories and models of superconducting state PACS 71.27.+a -Strongly correlated electron systems; heavy fermions Abstract -We perform a renormalization group (RG) study up to two-loop order of an effective low-energy two-band model to describe some of the recently discovered iron-based superconductors. Our starting point is the itinerant electronic model proposed by Chubukov et al. [Phys. Rev. B 78, 134512 (2008)], which displays two small, almost nested Fermi pockets with one hole pocket centered at (0, 0) and one electron pocket centered at Q = (π, π) in the folded Brillouin zone. We then proceed to implement a complete two-loop RG calculation for this model of four-point vertex corrections, quasiparticle weight and several order-parameter susceptibilities in order to evaluate the robustness of one-loop RG results available in the literature with respect to including self-energy effects and higher-order quantum fluctuations.