Agile software development is an iterative and collaborative approach that prioritizes flexibility, customer satisfaction, and adaptive planning, contrasting with traditional waterfall methods. The Agile Software Development Life Cycle encompasses several iterative phases allowing for incremental updates and continuous stakeholder feedback, guided by principles outlined in the Agile Manifesto. While it offers significant benefits like rapid delivery and enhanced customer engagement, challenges such as stakeholder availability and the potential for increased technical debt must be managed.