Node.js is an asynchronous event-driven JavaScript runtime that aims to provide an easy way to build scalable network programs. It uses an event loop model that keeps slow operations from blocking other operations by executing callbacks asynchronously. This allows Node.js programs to handle multiple connections concurrently without creating new threads. Common uses of Node.js include building web servers, real-time applications, crawlers, and process monitoring tools. The document provides examples of using modules like HTTP, TCP, DNS, and file system modules to demonstrate Node.js's asynchronous and non-blocking I/O model.