Building upon the recent results in [15] we provide a thorough description of the free boundary for solutions to the fractional obstacle problem in R n+1 with obstacle function ϕ (suitably smooth and decaying fast at infinity) up to sets of null H n−1 measure. In particular, if ϕ is analytic, the problem reduces to the zero obstacle case dealt with in [15] and therefore we retrieve the same results:(i) local finiteness of the (n − 1)-dimensional Minkowski content of the free boundary (and thus of its Hausdorff measure), (ii) H n−1 -rectifiability of the free boundary, (iii) classification of the frequencies and of the blow-ups up to a set of Hausdorff dimension at most (n − 2) in the free boundary. Instead, if ϕ ∈ C k+1 (R n ), k ≥ 2, similar results hold only for distinguished subsets of points in the free boundary where the order of contact of the solution with the obstacle function ϕ is less than k + 1.2010 Mathematics Subject Classification. Primary 35R35, 49Q20.