The refrigeration cycle in air conditioning involves the circulation of refrigerant between the condenser and evaporator coils. The refrigerant is compressed from a gas to a liquid in the condenser, releasing heat to the outside. As it expands through the evaporator coil, it absorbs heat from the indoor air, cooling it down. The refrigerant then returns to the condenser, where the cycle repeats. This continuous process allows the air conditioner to transfer heat from the indoor air to the outside, cooling the space.