Protein synthesis involves three main steps - initiation, elongation, and termination. In initiation, the small and large ribosomal subunits assemble along with mRNA and tRNA to form the initiation complex. In elongation, amino acids are added one by one to the growing polypeptide chain. Termination occurs when a stop codon is reached, causing the release of the completed protein. While the overall process is similar between prokaryotes and eukaryotes, there are some key differences like the number of initiation factors and whether mRNA is polycistronic or monocistronic.