There are three main ways to install Node.js: using pre-compiled binaries, a version manager like NVM, or compiling from source. Pre-compiled binaries are easy to install but require reinstallation for updates or version changes. NVM allows quickly installing and switching between versions from the command line but requires installing the manager first. Compiling from source gives the latest code but is more complex. The author recommends using a version manager like NVM for flexibility in switching versions without reinstalling.