Quantum Renyi relative entropies provide a one-parameter family of distances between density matrices, which generalizes the relative entropy and the fidelity. We study these measures for renormalization group flows in quantum field theory. We derive explicit expressions in free field theory based on the real time approach. Using monotonicity properties, we obtain new inequalities that need to be satisfied by consistent renormalization group trajectories in field theory. These inequalities play the role of a second law of thermodynamics, in the context of renormalization group flows. Finally, we apply these results to a tractable Kondo model, where we evaluate the Renyi relative entropies explicitly. An outcome of this is that Andersons orthogonality catastrophe can be avoided by working on a Cauchy surface that approaches the light-cone.