Node.js is an open-source and cross-platform JavaScript runtime environment built on Chrome's V8 JavaScript engine. It uses an event-driven, non-blocking I/O model that makes it lightweight and efficient for data-intensive real-time applications. Key features include being asynchronous and event-driven, having a large ecosystem of open-source modules, and supporting building scalable network applications like web servers and web sockets. Common uses of Node.js include building servers, real-time applications, IoT applications, and building JavaScript modules to share across the ecosystem.