The V-Model is a software development model that depicts the relationships between system requirements, design, and testing. It emphasizes testing at each development stage with testing occurring in reverse order that modules are developed (top-down). The V-Model includes requirements analysis and system design at the beginning, followed by module design, integration, validation, and operation. Each stage establishes entry and exit criteria and is tested in turn before proceeding to the next stage. Benefits include reduced faults, improved quality, and validation at each stage, while disadvantages include high costs and rigidity.