The .NET Framework consists of four major components: the Common Language Specification (CLS), Framework Class Library (FCL), Common Language Runtime (CLR), and .NET tools. The CLS provides interoperability between .NET languages, the FCL contains over 7,000 classes, the CLR is the execution engine that interfaces with the operating system, and Visual Studio is a flagship development tool. The .NET Framework enables faster development of Windows applications using languages like C# and Visual Basic that compile to the CLS runtime environment.