The Java Collections Framework includes a Queue interface that follows a first-in-first-out (FIFO) principle, allowing insertion at the rear and removal from the front. Key methods include add(), offer(), remove(), and poll(), with implementations such as PriorityQueue and LinkedList, which have varying properties like thread safety. The Queue interface is useful in applications like job scheduling, breadth-first search, and real-time event handling, but has limitations like fixed size and memory usage.