The Software Development Lifecycle (SDLC) is a structured approach that outlines the planning, producing, and testing of high-quality software, aimed at meeting user requirements while remaining within budget. It consists of six key stages: planning and requirement analysis, defining requirements, designing architecture, developing the product, testing and integration, and deployment and maintenance. Various SDLC models, such as Waterfall, Agile, Iterative, Spiral, V-Shaped, and Big Bang, serve different project needs and methodologies.