Debugging asynchronous code can be tricky due to callback hell and race conditions. Tools like `async_hooks` and async stack traces in modern debuggers can help trace async flows in Node.js.

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.