Inspect and repair, as needed, the structural integrity of the deck. Replace any boards that are showing signs of rot, pest damage, or loss of support. Inspect the entire structure from all angles.
Clean the deck and remove any peeling or chipping stain. You can use a pressure washer with up to 2000 PSI pressure but be careful not to gouge the wood.
Remove mildew and grayed wood, if necessary. For decks that have grayed severely or been neglected, deck brightener will remove the top layer of gray wood and kill mildew.
Sanding. While sanding is optional in some cases, a light sanding will always help the stain penetrate and bond better to the wood surface. If all of the stain must be removed, I recommend renting an orbital deck sander with multiple heads. Sweep and vacuum up dust.
Apply stain. I always apply stain with a sprayer and then back brush to work the stain into the grain. A sprayer cuts time by 50-80%. I usually do at least two coats of stain, 3 for clear or light transparent stain. Check the product labels for how long to wait between coats.