The Software Development Life Cycle (SDLC) outlines the stages of software development, ensuring a systematic approach. Key steps include: 1) Planning - defining project scope and objectives; 2) Requirements Analysis - gathering functional and non-functional requirements; 3) Design - creating architecture and interfaces; 4) Implementation - coding the software; 5) Testing - verifying functionality and fixing bugs; 6) Deployment - delivering the product to users; and 7) Maintenance - providing support and updates. Following this process helps manage risks and improve software quality.