Let G be a complex reductive group. A normal G-variety X is called spherical if a Borel subgroup of G has a dense orbit in X. Of particular interest are spherical varieties which are smooth and affine since they form local models for multiplicity free Hamiltonian K-manifolds, K a maximal compact subgroup of G. In this paper, we classify all smooth affine spherical varieties up to coverings, central tori, and \mathbb C^×{\mathbb C}^{\times} -fibrations.