The Spring Framework is a lightweight, unified framework that supports various development frameworks and consists of several modules designed to simplify application development through features like Inversion of Control (IoC) and Dependency Injection. Key advantages include predefined templates for database operations, loose coupling, and improved testability, contributing to faster software development. The IoC container is pivotal for configuration and instantiation of application components, with two types available: BeanFactory and ApplicationContext, the latter offering enhanced functionality.