  Based on the photometry of 10 near-UV, optical, and near-infrared bands of
the Chandra Deep Field South, we estimate the photometric redshifts for 342
X-ray sources, which constitute ~99% of all the detected X-ray sources in the
field. The models of spectral energy distribution are based on galaxies and a
combination of power-law continuum and emission lines. Color information is
useful for source classifications: Type-I AGN show non-thermal spectral
features that are distinctive from galaxies and Type-II AGN. The hardness ratio
in X-ray and the X-ray-to-optical flux ratio are also useful discriminators.
Using rudimentary color separation techniques, we are able to further refine
our photometric redshift estimations. Among these sources, 137 have reliable
spectroscopic redshifts, which we use to verify the accuracy of photometric
redshifts and to modify the model inputs. The average relative dispersion in
redshift distribution is ~8%, among the most accurate for photometric surveys.
The high reliability of our results is attributable to the high quality and
broad coverage of data as well as the applications of several independent
methods and a careful evaluation of every source. We apply our redshift
estimations to study the effect of redshift on broadband colors and to study
the redshift distribution of AGN. Our results show that both the hardness ratio
and U-K color decline with redshift, which may be the result of a K-correction.
The number of Type-II AGN declines significantly at z>2 and that of galaxies
declines at z>1. However, the distribution of Type-I AGN exhibits less redshift
dependence. As well, we observe a significant peak in the redshift distribution
at z=0.6. We demonstrate that our photometric redshift estimation produces a
reliable database for the study of X-ray luminosity of galaxies and AGN.
