The cardiac cycle describes the sequence of events in the heart from one heartbeat to the next. It consists of two main periods - systole and diastole. Systole involves ventricular contraction and blood ejection, while diastole involves ventricular relaxation and filling. The cardiac cycle can be divided into 7 phases: atrial contraction, isovolumetric contraction, rapid ejection, reduced ejection, isovolumetric relaxation, rapid filling, and reduced filling. Each phase is characterized by specific events in the heart such as valve openings/closings and changes in pressure.