This document discusses the event loop in Node.js, which allows JavaScript to perform non-blocking I/O operations and asynchronous code. It explains that the event loop handles pending callbacks, timers, and incoming connections in different phases. Common asynchronous functions like setTimeout(), setImmediate(), and process.nextTick() are explained in terms of how they interact with the event loop. Finally, some common misconceptions about the event loop and asynchronous operations in Node.js are addressed.