Abstract. In this paper we prove that the category of parity complexes on the flag variety of a complex connected reductive group G is a "graded version" of the category of tilting perverse sheaves on the flag variety of the dual group G, for any field of coefficients whose characteristic is good for G. We derive some consequences on Soergel's modular category O, and on multiplicities and decomposition numbers in the category of perverse sheaves.1. Introduction 1.1. This paper is the first in a series devoted to investigating the structure of the category of Bruhat-constructible perverse sheaves on the flag variety of a complex connected reductive algebraic group, with coefficients in a field of positive characteristic. In this part, adapting some constructions of Bezrukavnikov-Yun [13] in the characteristic 0 setting, we show that in good characteristic, the category of parity sheaves on the flag variety of a reductive group is a "graded version" of the category of tilting perverse sheaves on the flag variety of the Langlands dual group. We also derive a number of interesting consequences of this result, in particular on the computation of multiplicities of simple perverse sheaves in standard perverse sheaves, on Soergel's "modular category O," and on decomposition numbers.1.2. Some notation. Let G be a complex connected reductive algebraic group, and let T ⊂ B ⊂ G be a maximal torus and a Borel subgroup. The choice of B determines a choice of positive roots of (G, T ), namely those appearing in Lie(B). Consider also the Langlands dual dataŤ ⊂B ⊂Ǧ. That is,Ǧ is a complex connected reductive group, and we are given an isomorphism X * (T ) ∼ = X * (Ť ) which identifies the roots of G with the coroots ofǦ (and the positive roots determined by B with the positive coroots determined byB).We are interested in the varieties B := G/B andB :=Ǧ/B, in the derived categories D of sheaves of k-vector spaces on these varieties, constructible with respect to the stratification by B-orbits, resp.B-orbits (where k is field), and in their abelian subcategories P (B) (B, k), resp. P (B) (B, k) of perverse sheaves (for the middle perversity). The category P (B) (B, k) is highest weight, with simple objects {IC w , w ∈ W }, standard objects {∆ w , w ∈ W }, costandard objects {∇ w , w ∈ W }, indecomposable projective objects {P w , w ∈ W } and indecomposable tilting objects {T w , w ∈ W } naturally parametrized by the Weyl group W of (G, T ). Similar remarks apply of course to P (B) (B, k), and we denote the corresponding objects byǏC w ,∆ w ,∇ w ,P w ,Ť w . (Note that the Weyl group of (Ǧ,Ť ) is canonically identified with W .)1.3. The case k = C. These categories have been extensively studied in the case k = C: see in particular [10,9,13]. To state some of their properties we need some notation. We will denote by IC (B) (B, C) the additive category of semisimple objects in D (B, C) (i.e. the full subcategory whose objects are direct sums of shifts of simple perverse sheaves). If A is an abelian category, we will denote by Proj-A ...