Let E be an indecomposable rank two vector bundle on the projective space ℙn, n ≥ 3, over an algebraically closed field of characteristic zero. It is well known that E is arithmetically Buchsbaum if and only if n = 3 and E is a null-correlation bundle. In the present paper we establish an analogous result for rank two indecomposable arithmetically Buchsbaum vector bundles on the smooth quadric hypersurface Q n ⊂ ℙn+1, n ≥ 3. We give in fact a full classification and prove that n must be at most 5. As to k-Buchsbaum rank two vector bundles on Q 3, k ≥ 2, we prove two boundedness results.