Describe in detail what happens when you run docker pull image:tag?

Docker CLI passes your request to Docker daemon. Dockerd Logs shows the process

docker.io/library/busybox:latest resolved to a manifestList object with 9 entries; looking for a unknown/amd64 match

found match for linux/amd64 with media type application/vnd.docker.distribution.manifest.v2+json, digest sha256:400ee2ed939df769d4681023810d2e4fb9479b8401d97003c710d0e20f7c49c6

pulling blob "sha256:61c5ed1cbdf8e801f3b73d906c61261ad916b2532d6756e7c4fbcacb975299fb Downloaded 61c5ed1cbdf8 to tempfile /var/lib/docker/tmp/GetImageBlob909736690

Applying tar in /var/lib/docker/overlay2/507df36fe373108f19df4b22a07d10de7800f33c9613acb139827ba2645444f7/diff" storage-driver=overlay2

Applied tar sha256:514c3a3e64d4ebf15f482c9e8909d130bcd53bcc452f0225b0a04744de7b8c43 to 507df36fe373108f19df4b22a07d10de7800f33c9613acb139827ba2645444f7, size: 1223534