This report summarizes a study of the physics potential of the CLIC e+e- linear collider operating at centre-of-mass energies from 1 TeV to 5 TeV with luminosity of the order of 10^35 cm^-2 s^-1. First, the CLIC collider complex is surveyed, with emphasis on aspects related to its physics capabilities, particularly the luminosity and energy, and also possible polarization, \gamma\gamma and e-e- collisions. The next CLIC Test facility, CTF3, and its R&D programme are also reviewed. We then discuss aspects of experimentation at CLIC, including backgrounds and experimental conditions, and present a conceptual detector design used in the physics analyses, most of which use the nominal CLIC centre-of-mass energy of 3 TeV. CLIC contributions to Higgs physics could include completing the profile of a light Higgs boson by measuring rare decays and reconstructing the Higgs potential, or discovering one or more heavy Higgs bosons, or probing CP violation in the Higgs sector. Turning to physics beyond the Standard Model, CLIC might be able to complete the supersymmetric spectrum and make more precise measurements of sparticles detected previously at the LHC or a lower-energy linear e+e- collider: \gamma\gamma collisions and polarization would be particularly useful for these tasks. CLIC would also have unique capabilities for probing other possible extensions of the Standard Model, such as theories with extra dimensions or new vector resonances, new contact interactions and models with strong WW scattering at high energies. In all the scenarios we have studied, CLIC would provide significant fundamental physics information beyond that available from the LHC and a lower-energy linear e+e- collider, as a result of its unique combination of high energy and experimental precision.