The menstrual cycle is a 28-day cycle that involves changes in the ovaries and uterus, regulated by hormones from the hypothalamus, pituitary gland, and ovaries. It includes a follicular phase where follicles in the ovaries mature, an ovulation phase where an egg is released, and a luteal phase where the corpus luteum forms and progesterone is produced. If fertilization does not occur, progesterone and estrogen levels decrease, causing the uterus to shed its lining and result in menstruation.