What to Say in Qunut

There is more than one du`a’ for the qunut, and one can say any or all of them.
Sheikh Ahmad Kutty, a senior lecturer and Islamic scholar at the Islamic Institute of Toronto, Ontario, Canada, states: “There is more than one du`a’ of qunut that have been mentioned in the sources of Shari`ah. One can read any or all of them. We give below two of the most popular ones:
Allahumma, inna nasta`eenuka wa nastahdeeka, wa nastaghfiruka wa natubu ilayka. Wa nu’minu bika wa natawakkalu `alayka. Wa nuthnee `alayka al-khayra kullahu.Nashkuruka wala nakfuruka wa nakhla`u wa naturuku man yafjuruka. Allahumma, iyyaka na`budu walaka nusallee wa nasjudu wa ilayka nas`a wa nahfidu narju rahmataka wa nakhsha `adhabaka. Inna `adhabaka al-jidda bi al-kuffari mulhiq wa salla Allahu `ala sayyidina an-nabiyyi wa alihi wa sallam.
(O Allah, we seek Your assistance and ask for Your guidance, and we beseech Your forgiveness and return to You in repentance. We cherish faith in You and place our trust in You. We attribute all goodness to You. We are grateful to You and refuse to be ungrateful to You. We abandon and forsake all those who reject You. O Allah, You alone we worship, unto You alone we pray; unto You alone we prostrate, and for You alone we strive. Unto You alone we flee for refuge. We cherish hope in Your mercy and we fear Your retribution. Verily, Your punishment is bound to catch up with those who reject the truth.)
Allahumma, ihdina feeman hadayta, w`afina feeman `afayta. Wa tawallana feeman tawallayta, wa barik lana feema a`tayta, wa qina sharra ma qadhayta innaka taqdhee wala yuqdha `alayka. Innahu la yadhillu man walayta wala ya`uzzu man `adayta. Tabarakta Rabbana wa ta`alayta.
(O Allah, guide us with those You have guided aright, and grant us wellness with those that You have granted wellness. Protect us with those You have protected. Bless us in what You have bestowed on us, and guard us against Your evil decree, for You alone decree, and no one can decree against You. One whom You have patronized can never be despised and the one whom You have antagonized can never become honored. Our Lord, You are the most Exalted and Glorious.)
After having said either or both of the above du`a’s, one should close by saying the benediction on the Prophet (peace and blessings be upon him) as follows:
Wa salla Allahuma `ala Muhammadin wa alihi wa sallam (O Allah, bless Muhammad and his family and shower them with peace).

Finally, it is worthy of mention that the followers of the Hanafi school usually recite the first du`a’, while the followers of the Shafi`i school recite the second one. Many scholars, however, prefer to read both of them, as they are profound in meaning and thus worthy of reflection.