Code in node.js isn't standardly asynchronous. Calls that you place one after another will still be executed one after another. A for or while loop will still block the main code in this way.
However, you can pass around functions which will be executed later, through process.nextTick(callback). This method will add a function to the event queue, which node.js takes care of internally. This will only be executed after any other blocking code has been extecuted. An example:
function doWork(callback) {
//Do some work here, for instance a for loop that might take a while
callback(workReslt);
}
function workDone(workResult) {
//Process the result here
}
function startWork() {
process.nextTick(doWork(workDone));
}
This will execute doWork() when the server passes through the event loop again. This way, the startWork() function will not block the main code.
However, most modules in node.js already implement this. Database and file access is usually non-blocking, it will simply fire a callback when it is done with it's work.
If you really have to perform heavy async calculations (or perhaps some IO that doesn't already have a module for it), you can look into the async module, which has a nice tutorial here: http://justinklemm.com/node-js-async-tutorial/
As for coding conventions, think of it this way. If you know the action is going to take time, you should make it asynchronous (either through the method I mentioned first or the async module). Actions like these are usually related to I/O, which usually also means there is already an asynchronous module for it. However, most cases I have come across up to now, have never required this.
Sources:
http://howtonode.org/understanding-process-next-tick