Ventricular ejection is the phase of the cardiac cycle during which blood is expelled from the ventricles into the arteries. This process occurs after the ventricles have filled with blood and contracted, generating enough pressure to open the semilunar valves and propel blood into the pulmonary artery and aorta. It is crucial for maintaining circulation and ensuring that oxygenated blood reaches the body while deoxygenated blood is sent to the lungs for oxygenation.