The Collections Framework in Java is a powerful and widely used API that provides a set of classes and interfaces for storing and manipulating groups of objects. Introduced in Java SE 2, it allows developers to efficiently manage data in memory through various data structures such as lists, sets, and maps. The framework simplifies the handling of collections by offering ready-made implementations, which can be customized using generics. Over the years, it has evolved significantly, incorporating features like lambda expressions and default methods, making it an essential tool for Java developers to enhance productivity and code efficiency.