Managed Extensibility Framework (MEF) allows applications to be easily extended through extensions and plugins. MEF provides a composition container that discovers, loads, and composes parts through imports and exports. Key concepts include composable parts, imports, exports, and catalogs. MEF 2.0 introduced new features like open generic parts and convention-based registration to make MEF more powerful and flexible. MEF provides an easy way to build extensible applications using third party plugins and extensions.