The pre-main-sequence (PMS) population in the mass range between =~0.2 and =~3M_{sun}_ in southern part of the star-forming region NGC 2264 has been studied, determining both the Initial Mass Function in the region as well as the star-formation rates for different mass ranges. The sample is a composite one, derived through the union of samples obtained through different techniques and each suffering from different biases: previously known PMS stars in the region from the literature, photometrically-selected T Tauri candidates (from our own photometric data, discussed in detail in the present paper) and X-ray selected PMS candidates (discussed in detail in a companion paper) have been joined to form a sample which we show to be statistically complete (i.e. free from the biases which affect each of the parent samples) down to =~0.6M_{sun}_ (while being incomplete at lower masses). Individual masses and ages have been derived by placing the individual stars on evolutionary tracks, allowing us to derive both the IMF and the star formation rate. The Initial Mass Function thus derived for NGC 2264 shows evidence for a bimodal distribution of masses, with a break in the IMF at around 1M_{sun}_.