Debugging asynchronous code in Node.js presents unique challenges because of its non-blocking nature, which often leads to hard-to-trace bugs like race conditions and callback hell. Using `async_hooks`, a core Node.js module, you can track the lifecycle of asynchronous resources, such as Promises and timers, allowing you to gain deeper insights into the flow of async operations. Node.js’s built-in inspector also supports async stack traces, making it easier to debug issues by showing the chain of async calls. Additionally, modern tools like `VSCode`'s Node.js debugger provide breakpoints and stepping through Promises, simplifying the debugging process. Best practices like using Promises or `async/await` over traditional callbacks can reduce the complexity of asynchronous code and prevent errors from slipping through the cracks.