The Common Language Runtime (CLR) is a core component of the Microsoft .NET Framework. It provides a managed execution environment for applications, allowing developers to write code in various programming languages, such as C# and VB.NET. The CLR handles memory management, security, and exception handling, ensuring that applications run smoothly and efficiently. Additionally, the CLR includes a Just-In-Time (JIT) compiler, which converts intermediate language code into machine code at runtime. This process optimizes performance and enables features like garbage collection, which automatically reclaims memory that is no longer in use, enhancing application stability and resource management.