Light-cone gauge formulation of fields in AdS space and conformal field theory in flat space adapted for the study of AdS/CFT correspondence is developed. Arbitrary spin mixed-symmetry fields in AdS space and arbitrary spin mixed-symmetry currents, shadows, and conformal fields in flat space are considered on an equal footing. For the massless and massive fields in AdS and the conformal fields in flat space, simple light-cone gauge actions leading to decoupled equations of motion are found. For the currents and shadows, simple expressions for all 2-point functions are also found. We demonstrate that representation of conformal algebra generators on space of currents, shadows, and conformal fields can be built in terms of spin operators entering the light-cone gauge formulation of AdS fields. This considerably simplifies the study of AdS/CFT correspondence. Lightcone gauge actions for totally symmetric arbitrary spin long conformal fields in flat space are presented. We apply our approach to the study of totally antisymmetric (one-column) and mixed-symmetry (two-column) fields in AdS space and currents, shadows, and conformal fields in flat space.