Python first evaluates the if condition. If it's true, it executes the corresponding block of code and skips the elif and else blocks. If it's false, it moves to the next condition specified by elif. If that's true, it executes the corresponding block and skips the else block. If neither the if nor the elif conditions are true, the else block is executed. This demonstrates the sequential evaluation and branching behavior provided by if, elif, and else in Python.