The period of a matrix can be determined by analyzing its eigenvalues and their corresponding multiplicities. A matrix is periodic if, for some positive integer k, raising the matrix to the power of k+1 returns the original matrix. The period is defined as the least common multiple of the multiplicities of the eigenvalues, which must satisfy the condition that each eigenvalue raised to the power of k+1 equals itself. Additionally, the matrix must be square for periodicity to be applicable, and the determinant can indicate whether the matrix is periodic. Understanding the characteristic and minimal polynomials is also crucial in this context.