.NET framework offers advantages such as a consistent programming model, direct support for security, simplified development, and easy application deployment. It utilizes common intermediate language (CIL) for language integration, with assemblies serving as essential units that contain metadata and types. Key components of .NET include the Common Language Runtime (CLR), Common Type System (CTS), and Common Language Specification (CLS), which together facilitate the execution and interoperability of applications built on the framework.