The reorder linked list algorithm starts by finding the middle node using two pointers moving at different speeds. Once the middle is found, the list is split into two halves by setting the middle node's next pointer to null. The second half is then reversed to prepare for merging. Finally, the two halves are merged by alternating nodes from each half, resulting in a reordered list where nodes alternate from the start and end of the original list. This process is shown step-by-step in the execution table, with pointer changes and visual states of the list after each operation.