We present details of simulations for the light hadron spectrum in quenched QCD carried out on the CP-PACS parallel computer. Simulations are made with the Wilson quark action and the plaquette gauge action on 32^3x56 - 64^3x112 lattices at four lattice spacings (a approx 0.1-0.05 fm) and the spatial extent of 3 fm. Hadronic observables are calculated at five quark masses (m_{PS}/m_V approx 0.75 - 0.4), assuming the u and d quarks being degenerate but treating the s quark separately. We find that the presence of quenched chiral singularities is supported from an analysis of the pseudoscalar meson data. We take m_pi, m_rho and m_K (or m_phi) as input. After chiral and continuum extrapolations, the agreement of the calculated mass spectrum with experiment is at a 10% level. In comparison with the statistical accuracy of 1-3% and systematic errors of at most 1.7% we have achieved, this demonstrates a failure of the quenched approximation for the hadron spectrum: the meson hyperfine splitting is too small, and the octet masses and the decuplet mass splittings are both smaller than experiment. Light quark masses are calculated using two definitions: the conventional one and the one based on the axial-vector Ward identity. The two results converge toward the continuum limit, yielding m_{ud}=4.29(14)^{+0.51}_{-0.79} MeV. The s quark mass depends on the strange hadron mass chosen for input: m_s = 113.8(2.3)^{+5.8}_{-2.9} MeV from m_K and m_s = 142.3(5.8)^{+22.0}_{-0} MeV from m_phi, indicating again a failure of the quenched approximation. We obtain Lambda_{bar{MS}}^{(0)}= 219.5(5.4) MeV. An O(10%) deviation from experiment is observed in the pseudoscalar meson decay constants.
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