The waterfall model segments the software development process into sequential phases: planning, requirements definition, design, implementation, system testing, and maintenance. Each phase has defined inputs, processes, and outputs. The planning phase involves understanding the problem, feasibility studies, and developing a solution. Requirements definition produces a specification describing the required software functions and constraints. Design identifies software components and their relationships. Implementation translates the design into code. System testing integrates and accepts the software. Maintenance modifies the software after release. While the phases are linear, the development process is not always perfectly sequential.