In Node.js, the event loop is a continuous loop that waits for external events and executes the associated event handlers. It is responsible for handling asynchronous I/O operations and making it possible for Node.js to perform non-blocking I/O operations.

One of the key benefits of the event loop in Node.js is that it allows the program to perform other tasks while it is waiting for an event to occur, rather than blocking and waiting for the event to complete. This makes it possible to build highly scalable applications that can handle a large number of concurrent connections and requests.