Chiral Perturbation Theory for the Quenched Approximation of QCD

[This version is a minor revision of a previously submitted preprint. Only references have been changed.] We describe a technique for constructing the effective chiral theory for quenched QCD. The effective theory which results is a lagrangian one, with a graded symmetry group which mixes Goldstone bosons and fermions, and with a definite (though slightly peculiar) set of Feynman rules. The straightforward application of these rules gives automatic cancellation of diagrams which would arise from virtual quark loops. The techniques are used to calculate chiral logarithms in $f_K/f_\pi$, $m_\pi$, $m_K$, and the ratio of $\langle{\bar s}s\rangle$ to $\langle{\bar u}u\rangle$. The leading finite-volume corrections to these quantities are also computed. Problems for future study are described.