Chronic Myeloid Leukemia (CML) is characterized by the presence of the BCR-ABL1 fusion gene resulting from a translocation between chromosomes 9 and 22, and accounts for about 15% of leukemia cases. The disease progresses through phases, with patients often diagnosed in the chronic phase; treatments like tyrosine kinase inhibitors have significantly improved survival rates. Key factors for prognosis include age, spleen size, and blast percentages, with allogeneic stem cell transplant offering a potential cure during the chronic phase.