The .NET Framework provides a consistent programming environment, supports multiple languages and platforms, and simplifies component interaction. It includes the Common Language Runtime (CLR) and .NET Framework Class Library. The CLR handles memory management, security, and execution of code and compiles source code into Microsoft Intermediate Language (MSIL) and metadata. Assemblies are the fundamental unit of deployment and versioning. The .NET Framework Class Library includes types for common tasks like I/O, data access, and the user interface.