React components undergo three lifecycle phases—mounting, updating, and unmounting—each with specific methods for class-based components, such as constructor, render, and componentDidMount. While these methods are specific to class components, React Hooks, introduced in version 16.8, allow functional components to interact with component lifecycles and state management, simplifying code and reducing verbosity. The useState hook manages state in functional components, while useEffect handles side effects, mirroring lifecycle methods like componentDidMount, componentDidUpdate, and componentWillUnmount. Hooks have become popular due to their cleaner syntax and ease of use, enabling developers to build more efficient and readable components.