This paper presents the results of a photometric redshift study of galaxies in the Hubble Deep Field (HDF). The method of determining redshifts from broadband colors is described, and the dangers inherent in using it to estimate redshifts, particularly at very high z, are discussed. In particular, the need for accurate high-z spectral energy distributions is illustrated. The validity of our photometric redshift technique is demonstrated both by direct verification with available HDF spectroscopic data and by comparisons of luminosity functions and luminosity densities with those obtained from z < 1 spectroscopic redshift surveys. Evolution of the galaxy population is studied over 0 less than or similar to z < 4. Brightening is seen in both the luminosity function and the luminosity density out to z approximate to 3; this is followed by a decline in both at z > 3. A population of z < 0.5 star-forming dwarfs is observed to M(F450WAB) = -11. Our results are discussed in the context of recent developments in the understanding of galaxy evolution. (C) 1997 American Astronomical Society.