The URL class in Node.js takes a web address string and breaks it into parts like protocol, hostname, port, pathname, and search parameters. When you create a new URL object with a string, it parses these parts automatically. You can then access each part using properties like url.protocol or url.hostname. For example, the protocol property includes the colon at the end, such as 'https:'. If the URL does not specify a port, the port property will be an empty string. These properties can also be changed to update the URL. This visual trace shows each step of parsing and accessing these parts.