module.exports vs exports in Node.js

Even though question has been answered and accepted long ago, i just want to share my 2 cents:

You can imagine that at the very beginning of your file there is something like (just for explanation):

var module = new Module(...);
var exports = module.exports;

So whatever you do just keep in mind that module.exports and NOT exports will be returned from your module when you’re requiring that module from somewhere else.

So when you do something like:

exports.a = function() {
    console.log("a");
}
exports.b = function() {
    console.log("b");
}

You are adding 2 functions a and b to the object to which module.exports points, so the typeof the returning result will be an object : { a: [Function], b: [Function] }

Of course, this is the same result you will get if you are using module.exports in this example instead of exports.

This is the case where you want your module.exports to behave like a container of exported values. Whereas, if you only want to export a constructor function then there is something you should know about using module.exports or exports;(Remember again that module.exports will be returned when you require something, not export).

module.exports = function Something() {
    console.log('bla bla');
}

Now typeof returning result is 'function' and you can require it and immediately invoke like:

var x = require('./file1.js')(); because you overwrite the returning result to be a function.

However, using exports you can’t use something like:

exports = function Something() {
    console.log('bla bla');
}
var x = require('./file1.js')(); //Error: require is not a function

Because with exports, the reference doesn’t point anymore to the object where module.exports points, so there is not a relationship between exports and module.exports anymore. In this case module.exports still points to the empty object {} which will be returned.

The accepted answer from another topic should also help:
Does JavaScript pass by reference?