Node.js is an asynchronous event-driven JavaScript runtime that aims to build scalable network applications. It uses an event loop model that keeps the process running and prevents blocking behavior, allowing non-blocking I/O operations. This makes Node well-suited for real-time applications that require two-way connections like chat, streaming, and web sockets. The document outlines Node's core components and capabilities like modules, child processes, HTTP and TCP servers, and its future potential like web workers and streams.