The Common Language Runtime (CLR) is a core component of the .NET Framework that manages the execution of .NET programs. It provides essential services such as memory management, security, and exception handling, allowing developers to focus on writing code without worrying about the underlying hardware. CLR enables interoperability between different programming languages, meaning that code written in one language can work seamlessly with code written in another. This is achieved through a common set of libraries and a standardized execution environment, making it easier for developers to create robust applications that can run on various platforms.