The MACHO Project is a microlensing survey that monitors the brightnesses o
f similar to 60 million stars in the Large Magellanic Cloud (LMC), Small Ma
gellanic Cloud, and Galactic bulge. Our database presently contains about 8
0 billion photometric measurements, a significant fraction of all astronomi
cal photometry. We describe the calibration of MACHO two-color photometry a
nd transformation to the standard Kron-Cousins V and R system. Calibrated M
ACHO photometry may be properly compared with all other observations on the
Kron-Cousins standard system, enhancing the astrophysical value of these d
ata. For similar to 9 million stars in the LMC bar, independent photometric
measurements of similar to 20,000 stars with V < 18 mag in field-overlap r
egions demonstrate an internal precision sigma(V) = 0.021, sigma(R) = 0.019
, sigma(V-R) = 0.028 mag. The accuracy of the zero point in this calibratio
n is estimated to be +/- 0.035 mag for stars with colors in the range -0.1
mag < V--R < 1.2 mag. A comparison of calibrated MACHO photometry with publ
ished photometric sequences and new Hubble Space Telescope observations sho
ws agreement. The current calibration zero-point uncertainty for the remain
der of the MACHO photometry database is estimated to be +/-0.10 mag in V or
R and +/-0.04 mag in V-R. We describe the first application of calibrated
MACHO data: the construction of a color-magnitude diagram used to calculate
our experimental sensitivity for detecting microlensing in the LMC.