We measure photometric redshifts and spectral types for galaxies in the COSMOS survey. We use template fitting technique combined with luminosity function priors and with the option to simultaneously estimate dust extinction (i.e. E(B-V)) for each galaxy.Our estimated redshifts are accurate to i<25 and z~1.2. Using simulations with sampling and noise characteristics similar to those in COSMOS, the accuracy and reliability is estimated for the photometric redshifts as a function of the magnitude limits of the sample, S/N ratios and the number of bands used. From the simulations we find that the ratio of derived 95% confidence interval in the redshift probability distribution to the estimated photometric redshift (D95) can be used to identify and exclude the catastrophic failures in the photometric redshift estimates. We compare the derived redshifts with high-reliability spectroscopic redshifts for a sample of 868 normal galaxies with z < 1.2 from zCOSMOS. Considering different scenarios, depending on using prior, no prior and/or extinction, we compare the photometric and spectroscopic redshifts for this sample. This corresponds to an rms scatter of 0.031, with a small number of outliers (<2.5%). We also find good agreement (rms=0.10) between photometric and spectroscopic redshifts for Type II AGNs. We compare results from our photometric redshift procedure with three other independent codes and find them in excellent agreement. We show preliminary results, based on photometric redshifts for the entire COSMOS sample (to i < 25 mag.).

38 pages; 14 Figures; 7 Tables. Accepted for Publication in ApJS. COSMOS Special Issue