ColdFusion components (CFCs) are a new way to develop code in an object-oriented manner in ColdFusion. CFCs allow developers to build reusable code using classes, methods, and properties. The main tags used to build CFCs are <cfcomponent>, <cffunction>, <cfargument>, <cfreturn>, and <cfproperty>. It is important to properly scope variables when using CFCs to avoid bugs. CFCs should be structured with public methods first, followed by package and private methods.