The lytic cycle of bacteriophage T4 involves five steps: 1) attachment of the phage to the host bacterial cell, 2) penetration of viral DNA into the cell, 3) biosynthesis of viral components using the host cell's resources, 4) assembly of new viral particles, and 5) lysis of the host cell to release new phages to infect more bacteria and repeat the cycle. The cycle ends with the death of the host cell as it is filled with new phages and lyses to release them.