The instruction cycle (also known as the fetch–decode–execute cycle, or simply the fetch-execute cycle) is the cycle that the central processing unit (CPU) follows from boot-up until the computer has shut down in order to process instructions. It is composed of three main stages: the fetch stage, the decode stage, and the execute stage.

In simpler CPUs, the instruction cycle is executed sequentially, each instruction being processed before the next one is started. In most modern CPUs, the instruction cycles are instead executed concurrently, and often in parallel, through an instruction pipeline: the next instruction starts being processed before the previous instruction has finished, which is possible because the cycle is broken up into separate steps.