The lambda Ori star-forming region presents a snapshot of a moderate-mass g
iant molecular cloud 1-2 Myr after cloud disruption by OB stars, with the O
B stars, the low-mass stellar population, remnant molecular clouds, and the
dispersed gas all still present. We have used optical photometry and multi
object spectroscopy for lithium absorption to identify 266 pre-main-sequenc
e stars in 8 deg(2) of the region. We also present new photometry for the m
assive stars, from which we derive a distance of 450 pc and Stromgren a tur
noff age of 6-7 Myr. Using these parameters and pre-main-sequence evolution
ary models, we map the star formation history of the low-mass stars. We fin
d that low-mass star formation started throughout the region at about the s
ame time as the birth of the massive stars, and thereafter the birth rate a
ccelerated. Within the last 1-2 Myr star formation ceased in the center of
the star-forming region, near the concentration of OB stars, while it conti
nues in dark clouds 20 pc away. We suggest that a supernova 1-2 Myr ago des
troyed the molecular cloud core from which the OB stars formed, but it did
not terminate star formation in more distant reaches of the giant molecular
cloud. We find no secure evidence for triggered or sequential star formati
on in the outer molecular clouds. The global star formation of the lambda O
ri region has generated the field initial mass function, but local star for
mation in subregions shows large deviations from the expected ratio of high
- to low-mass stars.