We calculate the light meson spectrum and the light quark masses by lattice QCD simulation, treating all light quarks dynamically and employing the Iwasaki gluon action and the nonperturbatively O(a)-improved Wilson quark action. The calculations are made at the squared lattice spacings at an equal distance a^2~0.005, 0.01 and 0.015 fm^2, and the continuum limit is taken assuming an O(a^2) discretization error. The light meson spectrum is consistent with experiment. The up, down and strange quark masses in the bar{MS} scheme at 2 GeV are bar{m}=(m_{u}+m_{d})/2=3.55^{+0.65}_{-0.28} MeV and m_s=90.1^{+17.2}_{-6.1} MeV where the error includes statistical and all systematic errors added in quadrature. These values contain the previous estimates obtained with the dynamical u and d quarks within the error.
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