The document outlines the 7 key steps of a machine learning life cycle: 1) Gathering data from various sources, 2) Preparing the data through exploration and preprocessing, 3) Cleaning and formatting the data through wrangling, 4) Analyzing the data using models and techniques, 5) Training models using machine learning algorithms, 6) Testing the trained models on new data, and 7) Deploying accurate models into real systems if testing performance is satisfactory. The goal of the life cycle is to find a solution to a problem by developing and evaluating machine learning models through these iterative steps.