We investigate two-neutrino double beta decay (2νββ) in chiral effective field theory. We find contributions from weak magnetism and double-weak pion-exchange at next-to-leading-order in the chiral power counting. We discuss the impact of the chiral corrections on the electron spectra and find that they should be included in analyses of 2νββ decay that aim to uncover new physics signatures in the electron spectrum. We illustrate this point by revisiting the effect of sterile neutrinos and non-standard charged interactions. We also find that the pion-exchange contributions involve nuclear matrix elements that are related to those appearing in neutrinoless double beta decay (0νββ). We investigate whether the 0νββ nuclear matrix elements can be obtained from detailed measurements of the energy spectrum of the outgoing electrons in 2νββ transitions.