  The ALHAMBRA (Advance Large Homogeneous Area Medium Band Redshift
Astronomical) survey has observed 8 different regions of the sky, including
sections of the COSMOS, DEEP2, ELAIS, GOODS-N, SDSS and Groth fields using a
new photometric system with 20 contiguous ~ $300\AA$ filters covering the
optical range, combining them with deep $JHKs$ imaging. The observations,
carried out with the Calar Alto 3.5m telescope using the wide field (0.25 sq.
deg FOV) optical camera LAICA and the NIR instrument Omega-2000, correspond to
~700hrs on-target science images. The photometric system was designed to
maximize the effective depth of the survey in terms of accurate spectral-type
and photo-zs estimation along with the capability of identification of
relatively faint emission lines. Here we present multicolor photometry and
photo-zs for ~438k galaxies, detected in synthetic F814W images, complete down
to I~24.5 AB, taking into account realistic noise estimates, and correcting by
PSF and aperture effects with the ColorPro software. The photometric ZP have
been calibrated using stellar transformation equations and refined internally,
using a new technique based on the highly robust photometric redshifts measured
for emission line galaxies. We calculate photometric redshifts with the BPZ2
code, which includes new empirically calibrated templates and priors. Our
photo-zs have a precision of $dz/(1+z_s)=1%$ for I<22.5 and 1.4% for
22.5<I<24.5. Precisions of less than 0.5% are reached for the brighter
spectroscopic sample, showing the potential of medium-band photometric surveys.
The global $P(z)$ shows a mean redshift <z>=0.56 for I<22.5 AB and <z>=0.86 for
I<24.5 AB. The data presented here covers an effective area of 2.79 sq. deg,
split into 14 strips of 58.5'x15.5' and represents ~32 hrs of on-target.
