The Waterfall model of the Software Development Life Cycle (SDLC) involves sequential phases of initiation, requirements, design, construction, testing, and implementation. Key project documents like the Business Requirements Document, Functional Requirements Document, and High Level Design are created, reviewed, and signed off on by stakeholders as the project progresses through each phase. Testing involves both system integration testing by the technology team and user acceptance testing by end users to identify and fix defects before final implementation.