The cycle occurs in the mitochondria and begins with the condensation of acetyl-CoA with oxaloacetate to form citrate. This is followed by a sequence of enzyme-driven reactions that regenerate oxaloacetate, enabling the cycle to continue. Key reactions in the cycle include decarboxylation, hydration, and oxidation-reduction reactions, producing important intermediates such as NADH and FADH2, which are crucial for ATP production in the electron transport chain.