  We have constructed a very deep K'-selected multicolor BVRIz'JK' sample of
439 field galaxies. Photometric redshifts for sample galaxies were estimated.
The overall redshift distribution N(z) for the K'<21.0 sample is consistent
with previous observations, and for the first time we derive the N(z) down to
K'=24.0. After taking account of the dust extinction and selection effects of
the sample, the observed N(z) distribution is well described with the PLE
model, while the hierarchical galaxy formation model shows an apparent
deficiency of galaxies especially at z>2. The photometric redshift and the
best-fit SED model evaluations allow the derivation of the rest-frame K', B,
and UV(2000A) luminosity functions (LFs) and their evolutions. The rest-K' LF
shows almost no evolution up to z=3, while the rest B LF shows mild luminosity
evolution, and the rest UV LF shows strong luminosity evolution. This trend
corresponds to the evolution of the rest UV-K' color, which gets bluer with
increasing redshift. We also found that more massive galaxies are redder in
this rest-frame color in every epoch. The rest-UV LF of our K'-selected
galaxies shows a much shallower faint end slope at z=3 than that of previous
estimations for rest-UV selected Lyman break galaxies. As a consequence, the
contribution to the global star formation rate of our K'-selected galaxies is
about 42% of that derived from the integration of LF of Lyman break galaxies at
z=3. This result suggests that a large fraction of the star formation rate
density at z>1.5 comes from the contribution from the faint (M_2000A>-20) blue
galaxy population at high redshift universe that have not yet obviously been
identified. (abridged)
