Node.js is an open source JavaScript runtime 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 that run across distributed devices. Some key uses of Node.js include building mobile apps, real-time applications like chat rooms, and IOT applications due to its asynchronous nature and ability to handle high volumes of simultaneous connections with low latency.