The 3D graphics rendering pipeline consists of 4 main stages: 1) vertex processing, 2) rasterization, 3) fragment processing, and 4) output merging. In vertex processing, transformations are applied to position objects in the scene and camera. Rasterization converts vertex data into fragments and performs operations like clipping and scan conversion. Fragment processing handles texture mapping and lighting. Output merging combines fragments and uses the z-buffer to remove hidden surfaces when displaying the final pixels.