Following the work of Altmann and Hausen we give a combinatorial description for smooth Fano threefolds admitting a 2-torus action. We show that a whole variety of properties and invariants can be read off from this description. As an application we prove and disprove the existence of Kähler-Einstein metrics for some of these Fano threefolds, calculate their Cox rings and some of their toric canonical degenerations.