The menstrual cycle starts with the menstrual phase which lasts for 3-5 days. During this period, the endometrium is shed along with the unfertlised ovum. This is followed by a follicular phase, where several ovarian follicles start growing, increasing the amount of oestrogen in the body. At the end of the 13 or 14th of the cycle, the matured ovum is released from the ovary. This process is called ovulation and the phase is called ovulatory phase. After the release of the ovum, the emptied follicle in the ovary turns into a hormone producing tissue called the corpus luteum. This is called the luteal phase. The corpus luteum releases progesterone and keeps the uterus in a state suitable for implantation.
However, if the ovum is not fertilised, then it degenerates and the body gets ready for the next menstrual cycle. One cycle lasts for approximately 28-30 days and may vary with individual.