Some key events might be things like marriage, birth, deaths, divorce, coming of age (ie. college) or other things like that. Oftentimes these can be periods of high stress and also much enjoyment.
When you are born you are a major event to your family. School levels are celebrated from 1st grade, then graduating from high school and then from college. Getting a job or securing your income and getting married is huge in the family life cycle.
Key events in a family cycle that needs to be understood is when children would grow into adults that they would leave the family and be independent. This would then be followed by marriage by which they would either go home or be with their partner and have kids.