The Planck satellite will map the full sky at nine frequencies from 30 to 857 GHz. The CMB intensity and polarization that are its prime targets are contaminated by foreground emission. The goal of this paper is to compare proposed methods for separating CMB from foregrounds based on their different spectral and spatial characteristics, and to separate the foregrounds into components of different physical origin. A component separation challenge has been organized, based on a set of realistically complex simulations of sky emission. Several methods including those based on internal template subtraction, maximum entropy method, parametric method, spatial and harmonic cross correlation methods, and independent component analysis have been tested. Different methods proved to be effective in cleaning the CMB maps from foreground contamination, in reconstructing maps of diffuse Galactic emissions, and in detecting point sources and thermal Sunyaev-Zeldovich signals. The power spectrum of the residuals is, on the largest scales, four orders of magnitude lower than that of the input Galaxy power spectrum at the foreground minimum. The CMB power spectrum was accurately recovered up to the sixth acoustic peak. The point source detection limit reaches 100 mJy, and about 2300 clusters are detected via the thermal SZ effect on two thirds of the sky. We have found that no single method performs best for all scientific objectives. We foresee that the final component separation pipeline for Planck will involve a combination of methods and iterations between processing steps targeted at different objectives such as diffuse component separation, spectral estimation and compact source extraction.
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