There are three approaches to implement Entity Framework: Code First, Database First, and Model First. Database First is used when a database already exists and is complex, requiring DBA involvement. Changes to the database can then be automatically updated in the model. Code First is best for new applications where the developer writes code first to generate the database. Model First involves first creating a data model but is less popular than the other two approaches. The document then discusses performing basic CRUD operations with Entity Framework using Code First and demonstrates it.