The Software Lifecycle refers to the series of stages that software goes through from initial concept to retirement. It typically includes phases such as requirements gathering, design, development, testing, deployment, and maintenance. Each phase plays a crucial role in ensuring that the software meets user needs and functions correctly. During the maintenance phase, software may receive updates and bug fixes to improve performance or add new features. Eventually, when the software becomes outdated or no longer meets user requirements, it enters the retirement phase, where it may be replaced or discontinued. Understanding the Software Lifecycle helps developers manage projects effectively.