The Pan-STARRS1 survey is collecting multi-epoch, multi-color observations of the sky north of declination −30° to unprecedented depths. These data are being photometrically and astrometrically calibrated and will serve as a reference for many other purposes. In this paper, we present our determination of the Pan-STARRS1 photometric system: gP1, rP1, iP1, zP1, yP1, and wP1. The Pan-STARRS1 photometric system is fundamentally based on the Hubble Space Telescope Calspec spectrophotometric observations, which in turn are fundamentally based on models of white dwarf atmospheres. We define the Pan-STARRS1 magnitude system and describe in detail our measurement of the system passbands, including both the instrumental sensitivity and atmospheric transmission functions. By-products, including transformations to other photometric systems, Galactic extinction, and stellar locus, are also provided. We close with a discussion of remaining systematic errors.