The Dev Container lifecycle enables developers to standardize their development environments by providing pre-built, isolated environments for coding any application stack. The process involves defining a configuration in the `.devcontainer/devcontainer.json` file, which is then used to initialize and create a container that encapsulates the development environment. The container provides a consistent and reproducible setup for every team member, with features such as volume mounting, environment initialization, and customizable lifecycle scripts. By understanding the Dev Container lifecycle, developers can harness its potential to streamline their workflow consistency and improve productivity.