In this paper we study the dynamics of a rational function \phi\in K(z) defined over some finite extension K of \mathbb{Q}_p. After proving some basic results, we define a notion of ‘components’ of the Fatou set, analogous to the topological components of a complex Fatou set. We define hyperbolic p-adic maps and, in our main theorem, characterize hyperbolicity by the location of the critical set. We use this theorem and our notion of components to state and prove an analogue of Sullivan's No Wandering Domains Theorem for hyperbolic maps.