The document discusses the ASP.NET page lifecycle, which begins when a client requests a page from the server. It goes through initialization, loading, validation, event handling, and rendering steps. Key parts of the lifecycle include initializing controls and themes, loading view state and postback data, validating controls, firing server-side events, and rendering the output. Master pages and user controls follow the same lifecycle but are initialized differently and have their events called at different times in the process. The full lifecycle ensures the correct processing and output of the requested page.