We present progress report of a CP-PACS calculation of quenched QCD spectrum with the Wilson quark action. Light hadron masses and meson decay constants are obtained at $beta=$5.9, 6.1, and 6.25 on lattices with a physical extent of 3 fm, and for the range of quark mass corresponding to $m_pi/m_rho approx 0.75$ $-$ 0.4. Nucleon mass at each $beta$ appears to be a convex function of quark mass, and consequently the value at the physical quark mass is much smaller than previously thought. Hadron masses extrapolated to the continuum limit exhibits a significant deviation from experimental values: with $K$ meson mass to fix strange quark mass, strange meson and baryon masses are systematically lower. Light quark masses determined from the axial Ward identity are shown to agree with those from perturbation theory in the continuum limit. Decay constants of mesons are also discussed.
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