Software Development Life Cycle (SDLC) is a process of building or maintaining software systems. Software development life cycle is the most important element in software development. It depicts the necessary phases in software development. This paper reviews the modern SDLC which are traditional methods and agile methods and explains the advantages and disadvantages of both methodologies. It also suggests improvements for current agile development so that this light-weight SDLC could be adopted more in practice for organizational project management.