Node.js is an open-source JavaScript runtime environment for developing server-side web applications. It allows JavaScript to be used on the server-side for networking and server-side scripting. Node.js uses an event-driven, non-blocking I/O model that makes it lightweight and efficient, suitable for data-intensive real-time applications that run across distributed devices. Some key features include using JavaScript for server-side development, being event-driven and non-blocking to handle multiple concurrent connections without blocking the event loop, and using Google's V8 JavaScript engine for speed and performance.