The COSMOS-Legacy survey is a 4.6 Ms Chandra program that has imaged 2.2 deg$^2$ of the COSMOS field with an effective exposure of $simeq$160 ks over the central 1.5 deg$^2$ and of $simeq$80 ks in the remaining area. The survey is the combination of 56 new observations, obtained as an X-ray Visionary Project, with the previous C-COSMOS survey. We describe the reduction and analysis of the new observations and the properties of 2273 point sources detected above a spurious probability of 2$times 10^{-5}$. We also present the updated properties of the C-COSMOS sources detected in the new data. The whole survey includes 4016 point sources (3814, 2920 and 2440 in the full, soft and hard band). The limiting depths are 2.2 $times$ 10$^{-16}$, 1.5 $times$ 10$^{-15}$ and 8.9$times$ 10$^{-16}$ ${rm erg~cm}^{-2}~{rm s}^{-1}$ in the 0.5-2, 2-10 and 0.5-10 keV bands, respectively. The observed fraction of obscured AGN with column density $> 10^{22}$ cm$^{-2}$ from the hardness ratio (HR) is $sim$50$^{+17}_{-16}$%. Given the large sample, we compute source number counts in the hard and soft bands, significantly reducing the uncertainties of 5-10%. For the first time, we compute number counts for obscured (HR$>$-0.2) and unobscured (HR$<$-0.2) sources and find significant differences between the two populations in the soft band. Due to the un-precedent large exposure, COSMOS-Legacy area is 3 times larger than surveys at similar depth and its depth is 3 times fainter than surveys covering similar area. The area-flux region occupied by COSMOS-Legacy is likely to remain unsurpassed for years to come.
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