The Apache Point Observatory Galactic Evolution Experiment (APOGEE) of Sloan Digital Sky Survey III (SDSS-III) will be providing high quality (R ˜ 22,500 and a typical S/N > 100) near-infrared spectra for ~100,000, predominantly cool stars (mostly giant stars). In principle these spectra can be used to ascertain the stellar atmospheric parameters of those stars as well as the chemical abundances for approximately 15 chemical species expressed in the APOGEE wavelength region via both atomic and molecular line transitions. Detailed analysis of such an enormous database of infrared stellar spectra --- each blanketed with a multitude of lines and bands --- is obviously not viable manually, but is also a challenge to automate and simultaneously achieve the survey goals of high, 0.1 (0.2) dex internal (external) abundances precision. The APOGEE Stellar Parameters and Chemical Abundances Pipeline (ASPCAP) has been designed to estimate the above parameters via comparison to large, multi-dimensional libraries of synthetic spectral templates. To make the problem tractable and efficient, ASPCAP conducts this analysis in two phases. First the entire wavelength range is template-matched to derive the primary stellar parameters affecting the spectral energy distribution of the stars (Teff, log g, microturbulence, along with the bulk stellar metallicity and carbon, nitrogen and α-elements abundances). After an appropriate stellar template is matched or interpolated from the synthetic library, the abundances of other chemical species (e.g., C, N, O, Mg, Na, Al, Si, S, K, Ca, Ti, V, Mn, Cr, Co, Fe, and Ni) are derived using restricted windows around particularly sensitive atomic or molecular transitions. We will present an overview of ASPCAP, its calibration and measured performance, as evaluated with data from the first year of APOGEE observations as released in SDSS-III Data Release 10.