Once one phase of the software development is complete, the development of next phase starts. You cannot come back.
There are very definite goals for each phase of the development.
The biggest drawback of waterfall model is that it does not allow much of revision. It is very difficult to go back and change something. Some times the requirements are not well figured out in initial stage of the project.
The waterfall method is not suitable when requirements are changing. The customer or stakeholder wants to monitor the progress all the time and this is not suitable as you are working on only one phase at a time. It needs lot of effort on planning. All the phases are frozen and there is no turn around.
Typical Waterfall Phases
System Concept
System Requirements
System Design
Programming
Code & Unit Test
Integration & Test
Deployment
Here a sample diagram for Waterfall Model for SDLC. These are generic phases. These different phases can change depending upon a project.

Waterfall Model of SDLC
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