diff --git a/tools/isobuild/README.md b/tools/isobuild/README.md
index 61ca47699cf..8dfbce15fd2 100644
--- a/tools/isobuild/README.md
+++ b/tools/isobuild/README.md
@@ -10,16 +10,37 @@ concepts.
 
 - `packageSource` - an abstract representation of a package/app source with metadata
 - `isopack` - a compiled version of a package/app
-- `unibuild` - a part of an isopack for a specific target (browser, server, tool, etc)
+- `unibuild` - a part of an isopack for a specific target (browser, server,
+  tool, etc)
 - `isopackCache` - an abstract representation of cached isopacks on disk
 - `build plugin` - a part of an isopack that plugs into the build process
 - `linked file` - a wrapped file by linker
+- `project context` - an object that has lots of metadata, mostly about the
+  packages, catalogs, it is responsible for catalogs refreshes, pulling the
+  relevant packages, resolving dependencies, etc.
+- `js-analyze` - some piece of software that implements a set of JS parser
+  features
+
+## How an app is built
+
+The app is built by Bundler, "bundling" is the most high-level process that
+happens to the application code once it is loaded. Here is a more detailed
+time-line:
+
+1. Create the "Project Context" out of the app directory. Project Context makes
+   sure we know what package versions we need to use and prepares them for us.
+2. The Bundler is given the Project Context and now it is Bundler's job to
+   create the Package Source for the app, compile app's parts as they were
+   packages, and then put everything together.
+3. The Builder is ran to write the output files to disk.
+4. While all the building was done, a WatchSet of the whole app is collected.
+   It's returned to the caller. Also, a `star.json` file is written.
 
 ### Compiler
 
 Takes care of compiling an individual package and returning an Isopack.
 
-XXX needs a new name not to be confused with Compiler Plugins
+
 
 ### Bundler
 
@@ -32,12 +53,67 @@ Bundler introduces additional terms:
 - `ClientTarget` and `ServerTarget` are representations of two separate types of
   "programs" in a built App.
 
+There are commonly two important entry-points for Bundler:
+
+- `buildJsImage` - build a build plugin
+- `bundle` - the main function to bundle the application from a Project Context
+
+For the actual compilation, Bundler often calls into Compiler. Other tasks that
+Bundler performs include:
+
+- initiate a Package Source for the app
+- run linters on the app
+- run the application files through Linker in a special mode that allows the use
+of global variables
+- add a special file called "global-imports" that explicitly puts all used
+  packages' symbols into the global namespace
+- write compiled files to the right location with multiple Builder's
+- write a `star.json` file with metadata for the "star" (the app)
+
 ### Builder
 
 Manages the files written to the filesystem.
 
+Since the rebuilds of an app is something that occurs over and over again (in
+the development cycle), it makes sense to reuse the information about the files
+that didn't change. Builder tries not to spend too much time writing files that
+remained the same over and over again.
+
+It is even OK to do when an app process serving these files is still running, on
+Unix, the process can retain files by their inodes (not by file paths) and then
+once the process release them, the FS will clean up unliked files.
+
 ### Linker
 
 A Meteor-specific transform. Wraps every file into a closure, creates "package
 local variables" and sets up the "global imports" to look like
 `var Minimongo = Package.minimongo.Minimongo;`.
+
+The process of linking is Meteor's substitute to other module loading solutions
+like `r.js` or `require.js`, or ES2015-style modules. Eventually, Meteor wants
+to transition to ES2015 modules for everything.
+
+The way linker works for individual modules (packages in Meteor's case), is
+several things. Roughly, it can be separated into two phases "prelink" and
+"link" (both combined define "fullLink").
+
+Prelink is something that can be done with a package in Isolation:
+
+- create a closure around each file
+- concatenate all files
+- add comments of the original line number, file-headers - the metadata to be
+read by humans when viewed in a browser that doesn't support source-maps
+- run a JS parser and figure out all the global variables used, out of those,
+  pick the ones that are assigned in the package and form "Package-level" global
+  variables by adding a `var` for them.
+
+In the second part "link", the linker caller already knows what versions of
+linked module's dependencies are and what exports they provide for the module:
+
+- create import strings for globals that come from dependencies' exports:
+  `var Minimongo = Package.minimongo.Minimongo;`, if the module references
+  `Minimongo`.
+
+Historically, Meteor used to ship "prelinked" files in packages and then "link"
+them in the bundle time. Starting with Meteor 1.2 and Batch Plugins API, Meteor
+distributes source files, so they are "fullLinked" in bunlde time together.