The Software Development Life Cycle (SDLC) is a structured methodology that guides software development from initial concept to maintenance, ensuring high-quality software delivered on time and within budget. It consists of several key phases such as requirement gathering, system design, implementation, testing, deployment, and maintenance, and can utilize various models like Waterfall, V-model, and Agile. Best practices like clear documentation, stakeholder involvement, and regular testing are essential for successful implementation of the SDLC.