An equation for the quantum average of the gauge invariant Wilson loop in non-commutative Yang-Mills theory with gauge group U(N) is obtained. In the 't<space>Hooft limit, the equation reduces to the loop equation of ordinary Yang-Mills theory. At finite<space>N, the equation involves the quantum averages of the additional gauge invariant observables of the non-commutative theory associated with open contours in space-time. We also derive equations for correlators of several gauge invariant (open or closed) Wilson lines. Finally, we discuss a perturbative check of our results.