Node.js is an open-source, cross-platform runtime environment that allows JavaScript to be executed server-side, enabling the creation of highly scalable and event-driven applications. Since its introduction by Ryan Dahl in 2009, it has gained popularity due to its performance efficiency via the V8 engine, an easy learning curve, and a strong community. Key features include an event-driven architecture, asynchronous programming capabilities, and a module system, making it ideal for web development, especially with frameworks like Express.js.