The waterfall model is a sequential software development methodology consisting of distinct phases: requirements analysis, design, implementation, testing, deployment, and maintenance, where each phase must be completed before the next begins. It emphasizes thorough documentation and planning, with specific activities such as gathering stakeholder requirements, designing system architecture, coding, testing for defects, deploying to production, and ongoing maintenance. This model ensures a structured approach to software development but may lack flexibility for changes once a phase is completed.