We use the very deep and homogeneous I-band selected dataset of the FORS Deep Field (FDF) to trace the evolution of the luminosity function over the redshift range 0.5 < z < 5.0. We show that the FDF I-band selection down to I(AB)=26.8 misses of the order of 10 % of the galaxies that would be detected in a K-band selected survey with magnitude limit K(AB)=26.3 (like FIRES). Photometric redshifts for 5558 galaxies are estimated based on the photometry in 9 filters (U, B, Gunn g, R, I, SDSS z, J, K and a special filter centered at 834 nm). A comparison with 362 spectroscopic redshifts shows that the achieved accuracy of the photometric redshifts is (Delta z / (z_spec+1)) < 0.03 with only ~ 1 % outliers. This allows us to derive luminosity functions with a reliability similar to spectroscopic surveys. In addition, the luminosity functions can be traced to objects of lower luminosity which generally are not accessible to spectroscopy. We investigate the evolution of the luminosity functions evaluated in the restframe UV (1500 Angstroem and 2800 Angstroem), u, B, and g bands. Comparison with results from the literature shows the reliability of the derived luminosity functions. Out to redshifts of z ~ 2.5 the data are consistent with a slope of the luminosity function approximately constant with redshift, at a value of -1.07 +- 0.04 in the UV (1500 Angstroem, 2800 Angstroem) as well as u, and -1.25 +- 0.03 in the blue (g, B). We do not see evidence for a very steep slope (alpha < -1.6) in the UV at z ~ 3.0 and z ~ 4.0 favoured by other authors. There may be a tendency for the faint-end slope to become shallower with increasing redshift but the effect is marginal. We find a brightening of M_star and a decrease of Phi_star with redshift for all analyzed wavelengths. [abridged]
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