Mahayana Buddhism is the largest Buddhist sect in the world, and its beliefs and practices are what most non-adherents recognize as "Buddhism" in the modern era. It developed as a school of thought sometime after 383 BCE, possibly from the earlier school known as Mahasanghika, though that claim has been challenged.
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Definition
Timeline
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c. 563 BCE - c. 483 BCEThe life of Siddhartha Gautama according to modern scholarly consensus.
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383 BCESecond Council of Buddhism where different schools break away and form their own traditions.
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283 BCEMahayana Buddhism already developed and operating alongside other schools, including Mahasanghika.
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c. 268 BCE - 232 BCEReign of Ashoka the Great who spreads Buddhism throughout India and sends Buddhist missionaries to other nations.
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c. 50 BCE - c. 600 CEThe sutras of The Perfection of Wisdom are written.
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c. 200 CEThe Buddhist Lotus Sutra is written down in Pali language.
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7 Feb 573 CE - 8 Apr 622 CEPrince Shotoku was the founder of Japanese Buddhism and of the Japanese nation. He is famous for his 17-article constitution, the first Buddhist constitution ever to be created.