Node.js is a JavaScript runtime built on Chrome's V8 JavaScript engine that allows JavaScript to be run on the server side. It uses an event-driven, non-blocking I/O model that makes it lightweight and efficient, especially for real-time applications with many simultaneous connections. Node.js can be used for anything from building chat servers and analytics backends to developing full-stack web applications. While it is not a web framework itself, modules like Express allow it to function as one. Node.js runs in a single thread using an event loop to handle asynchronous callbacks instead of blocking on I/O, making it highly scalable.