Generalized polygons are buildings of rank two. Equivalently, a generalized polygon is a bipartite graph whose diameter equals half the length of a shortest circuit. (To avoid trivialities, we assume as well that the diameter is at least three and that each vertex has at least three neighbors.) The notion of a generalized polygon was introduced by J. Tits who observed that the generalized polygons which are rank two residues of spherical buildings of higher rank all satisfy a condition he called the Moufang property. In this talk, we describe briefly the classification of Moufang generalized polygons which has recently been obtained by J. Tits and the speaker.