The Java Collections Framework provides useful classes for storing and processing data efficiently. It includes the List interface which supports ordered elements that may be duplicated. The ArrayList and LinkedList classes implement the List interface but differ in performance - ArrayList uses an array for fast random access while LinkedList uses nodes for fast insertion/removal. The Set interface does not allow duplicates. Implementations like HashSet, TreeSet and LinkedHashSet vary in ordering and performance. The ArrayDeque class implements a double-ended queue for fast insertion/removal at both ends. Collections methods like sort() and reverse() can organize elements in lists.