  We describe in detail the solution of type IIB superstring theory in the
maximally supersymmetric plane-wave background with constant null Ramond-Ramond
5-form field strength. The corresponding light-cone Green-Schwarz action found
in hep-th/0112044 is quadratic in both bosonic and fermionic coordinates. We
find the spectrum of the light-cone Hamiltonian and the string representation
of the supersymmetry algebra. The superstring Hamiltonian has a
``harmonic-oscillator'' form in both the string-oscillator and the zero-mode
parts and thus has discrete spectrum in all 8 transverse directions. We analyze
the structure of the zero-mode sector of the theory, establishing the precise
correspondence between the lowest-lying ``massless'' string states and the type
IIB supergravity fluctuation modes in the plane-wave background. The zero-mode
spectrum has certain similarity to the supergravity spectrum in AdS_5 x S^5 of
which the plane-wave background is a special limit. We also compare the
plane-wave string spectrum with expected form of the light-cone gauge spectrum
of superstring in AdS_5 x S^5.
