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 ~ $300Å$ 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=0.86 for I