The util package in Node.js provides an assortment of utility functions for developers. These include tools for debugging, formatting strings, inspecting objects, and inheritance handling. util functions like promisify and types aid in modernizing asynchronous code and performing type checking, respectively. Deprecated functions still exist for backward compatibility, but newer alternatives are generally preferred for optimal performance and security. This core module streamlines a variety of common programming tasks, making it an indispensable tool in Node.js development.