Node.js is a JavaScript runtime built on Chrome's V8 engine. It uses an event-driven, non-blocking I/O model that makes it lightweight and efficient. Key features include being asynchronous and event-driven, very fast, single-threaded but highly scalable, and having no buffering. Node.js is well-suited for real-time applications with small chunks of data like chat apps and social networks. Common modules include HTTP, file system, and events. Debugging can be done using console.log or the built-in debugger in Node or Chrome developer tools.