The document discusses the key components of the .NET Framework, which are the Common Language Runtime (CLR) and .NET Framework Class Library. The CLR provides a managed code execution environment and handles memory management. It converts code to Microsoft Intermediate Language. The .NET Framework Class Library contains reusable classes and methods for common tasks like file access and database interaction. The document also briefly outlines the Common Type System and Common Language Specification which define common data types and rules for languages targeting the .NET Framework.