Node.js is an open-source JavaScript runtime environment that enables server-side execution using Chrome's V8 engine, allowing for real-time, efficient applications with a non-blocking input-output model. It supports full-stack development through the MEAN and MERN stacks, integrating Angular/React with Express and MongoDB for scalable web applications. Additionally, Node.js offers fast implementation, high scalability, and a vibrant community for module development, making it a preferred choice for modern web development.