We use a semianalytic model of galaxy formation in hierarchical cluste
ring theories to interpret recent data on galaxy formation and evoluti
on, focusing primarily on the recently discovered population of Lyman-
break galaxies at z similar or equal to 3. For a variety of cold dark
matter (CDM) cosmologies, we construct mock galaxy catalogs subject to
selection criteria identical to those applied to the real data. We fi
nd that the expected number of Lyman-break galaxies is very sensitive
to the assumed stellar initial mass function and to the normalization
of the primordial power spectrum. For reasonable choices of these and
other model parameters, it is possible to reproduce the observed abund
ance of Lyman-break galaxies in CDM models with Omega(0) = 1 and Omega
(0) < 1. The characteristic masses, circular velocities, and star form
ation rates of the model Lyman-break galaxies depend somewhat on the v
alues of the cosmological parameters, but are broadly in agreement wit
h available data. These galaxies generally form from rare peaks at hig
h redshift, and as a result their spatial distribution is strongly bia
sed, with a typical bias parameter of b similar or equal to 4 and a co
moving correlation length of r(0) similar or equal to 4 h(-1) Mpc. The
typical sizes of these galaxies, similar to 0.5 h-l kpc, are substant
ially smaller than those of present-day bright galaxies. In combinatio
n with data at lower redshifts, the Lyman-break galaxies can be used t
o trace the cosmic star formation history. We compare theoretical pred
ictions for this history with a compilation of recent data. The observ
ational data match the theoretical predictions reasonably well, both f
or the distribution of star formation rates at various redshifts and f
or the integrated star formation rate as a function of redshift. Most
galaxies tin our models and in the data) never experience star formati
on rates in excess of a few solar masses per year. Our models predict
that even at z = 5, the integrated star formation rate is similar to t
hat measured locally, although less than 1% of all the stars have form
ed prior to this redshift. The weak dependence of the predicted star f
ormation histories on cosmological parameters allows us to propose a f
airly general interpretation of the significance of the Lyman-break ga
laxies as the first galaxy-sized objects that experience significant a
mounts of star formation. These galaxies mark the onset of the epoch o
f galaxy formation that continues into the present day. The basic ingr
edients of a consistent picture of galaxy formation may well now be in
place.