We study self-similar measures in satisfying the weak separation condition along with weak technical assumptions which are satisfied in all known examples. For such a measure , we show that there is a finite set of concave functions such that the -spectrum of is given by and the multifractal spectrum of is given by , where denotes the concave conjugate of . In particular, the measure satisfies the multifractal formalism if and only if its multifractal spectrum is a concave function. This implies that satisfies the multifractal formalism at values corresponding to points of differentiability of the -spectrum. We also verify existence of the limit for the -spectra of such measures for every . As a direct application, we obtain many new results and simple proofs of well-known results in the multifractal analysis of self-similar measures satisfying the weak separation condition.

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