The Collection Framework consists of three main parts: interfaces that define abstract data types, implementations of those interfaces, and algorithms that can operate on the interfaces and implementations. It includes core interfaces like Collection, List, Set, and Map as well as specialized interfaces like SortedSet and SortedMap. Implementations like ArrayList, LinkedList, HashSet, TreeSet, HashMap and TreeMap provide concrete versions of the interfaces. The Collections and Arrays classes contain predefined algorithms that support the framework.