OK. The spring starts at its natural length so the tension in the spring is zero.
When you let go of the block it accelerates downwards until the spring tension is equal to mg.
At this moment the net force on the block is zero and the block has reached its maximum velocity.
Then as the block continues moving downwards the spring tension is greater than mg so the net force is upwards and the block graually slows to a halt.
Then when the block has slowed to a halt it starts accelerating upwards agaon.