SDLC stands for Software Development Life Cycle, a structured process that outlines the stages involved in software development, from initial planning to deployment and maintenance. It includes phases such as requirements gathering, design, coding, testing, and implementation, ensuring a systematic approach to creating high-quality software. By following the SDLC framework, teams can effectively manage resources, timelines, and budgets while maintaining a focus on meeting user needs and improving software functionality through iterative processes.