diff --git a/src/js/node/events.js b/src/js/node/events.js
index ba7bf39154..1202347455 100644
--- a/src/js/node/events.js
+++ b/src/js/node/events.js
@@ -11,6 +11,7 @@ const kMaxEventTargetListeners = Symbol("events.maxEventTargetListeners");
 const kMaxEventTargetListenersWarned = Symbol("events.maxEventTargetListenersWarned");
 const kWatermarkData = SymbolFor("nodejs.watermarkData");
 const kRejection = SymbolFor("nodejs.rejection");
+const kFirstEventParam = SymbolFor("nodejs.kFirstEventParam");
 const captureRejectionSymbol = SymbolFor("nodejs.rejection");
 const ArrayPrototypeSlice = Array.prototype.slice;
 
@@ -356,9 +357,8 @@ function once(emitter, type, options) {
   });
 }
 
-async function* on(emitter, event, options = {}) {
+function on(emitter, event, options = {}) {
   const signal = options.signal;
-  if (signal?.aborted) throw new AbortError(undefined, { cause: signal?.reason });
 
   const { FixedQueue } = require("internal/fixed_queue");
   const unconsumedPromises = new FixedQueue();
@@ -366,42 +366,58 @@ async function* on(emitter, event, options = {}) {
   const unconsumedErrors = new FixedQueue();
   let done = false;
 
-  emitter.on(event, ev => {
+  const eventHandlerBody = ev => {
+    // If there is a pending Promise -> resolve with current event value.
     if (!unconsumedPromises.isEmpty()) {
       const { resolve } = unconsumedPromises.shift();
-      return resolve([ev]);
+      return resolve(ev);
     }
-    unconsumedEvents.push([ev]);
-  });
-  emitter.on("error", ex => {
+    // Else: Add event value to queue so it can be consumed by a future Promise.
+    unconsumedEvents.push(ev);
+  };
+  const eventHandler = options[kFirstEventParam] ? eventHandlerBody : (...args) => eventHandlerBody(args);
+  emitter.on(event, eventHandler);
+
+  const errorHandler = ex => {
     if (!unconsumedPromises.isEmpty()) {
       const { reject } = unconsumedPromises.shift();
       return reject(ex);
     }
     unconsumedErrors.push(ex);
-  });
+  };
+  emitter.on("error", errorHandler);
+
   signal?.addEventListener("abort", () => {
     emitter.emit("error", new AbortError(undefined, { cause: signal?.reason }));
   });
 
+  // If any of the close events is emitted -> remove listeners
+  // and yield only the remaining queued-up values in iterator.
   for (const evName of options?.close || []) {
     emitter.on(evName, () => {
-      emitter.emit(event, undefined);
+      emitter.removeListener(event, eventHandler);
+      emitter.removeListener("error", errorHandler);
       done = true;
     });
   }
 
-  while (!done) {
-    if (!unconsumedEvents.isEmpty()) {
-      yield Promise.$resolve(unconsumedEvents.shift());
+  // Create AsyncGeneratorFunction which handles the Iterator logic
+  const iterator = async function* () {
+    while (!done || !unconsumedEvents.isEmpty() || !unconsumedErrors.isEmpty()) {
+      if (!unconsumedEvents.isEmpty()) {
+        yield Promise.$resolve(unconsumedEvents.shift());
+      } else if (!unconsumedErrors.isEmpty()) {
+        yield Promise.$reject(unconsumedErrors.shift());
+      } else {
+        const { promise, reject, resolve } = $newPromiseCapability(Promise);
+        unconsumedPromises.push({ reject, resolve });
+        yield promise;
+      }
     }
-    if (!unconsumedErrors.isEmpty()) {
-      yield Promise.$reject(unconsumedErrors.shift());
-    }
-    const { promise, reject, resolve } = $newPromiseCapability(Promise);
-    unconsumedPromises.push({ reject, resolve });
-    yield promise;
-  }
+  };
+
+  // Return AsyncGenerator
+  return iterator();
 }
 
 function getEventListeners(emitter, type) {
diff --git a/src/js/node/readline.js b/src/js/node/readline.js
index 1205020425..7536b80172 100644
--- a/src/js/node/readline.js
+++ b/src/js/node/readline.js
@@ -1226,7 +1226,7 @@ var kYanking = Symbol("_yanking");
 var kYankPop = Symbol("_yankPop");
 
 // Event symbols
-var kFirstEventParam = Symbol("nodejs.kFirstEventParam");
+var kFirstEventParam = SymbolFor("nodejs.kFirstEventParam");
 
 // class InterfaceConstructor extends EventEmitter {
 // #onSelfCloseWithTerminal;
diff --git a/test/js/node/events/event-emitter.test.ts b/test/js/node/events/event-emitter.test.ts
index 687e90910e..9ff1061b77 100644
--- a/test/js/node/events/event-emitter.test.ts
+++ b/test/js/node/events/event-emitter.test.ts
@@ -65,22 +65,6 @@ describe("node:events", () => {
     await promise;
     expect(emitter.listenerCount("hey")).toBe(0);
   });
-
-  // TODO: extensive events.on tests
-  // test("on", () => {
-  //   const emitter = new EventEmitter();
-  //   const asyncIterator = EventEmitter.on(emitter, "hey");
-
-  //   expect(asyncIterator.next).toBeDefined();
-  //   expect(asyncIterator[Symbol.asyncIterator]).toBeDefined();
-
-  //   const fn = async () => {
-  //     const { value } = await asyncIterator.next();
-  //     expect(value).toBe(1);
-  //   };
-
-  //   emitter.emit("hey", 1, 2, 3);
-  // });
 });
 
 describe("EventEmitter", () => {
@@ -422,6 +406,207 @@ describe("EventEmitter", () => {
   });
 });
 
+describe("EventEmitter.on", () => {
+  test("Basic test", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey");
+
+    expect(asyncIterator.next).toBeDefined();
+    expect(asyncIterator[Symbol.asyncIterator]).toBeDefined();
+
+    process.nextTick(() => {
+      emitter.emit("hey", 1);
+    });
+
+    const { value } = await asyncIterator.next();
+    expect(value).toEqual([1]);
+  });
+
+  test("Basic test with for await...of", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey", { close: ["close"] } as any);
+
+    process.nextTick(() => {
+      emitter.emit("hey", 1);
+      emitter.emit("hey", 2);
+      emitter.emit("hey", 3);
+      emitter.emit("hey", 4);
+      emitter.emit("close");
+    });
+
+    const result = [];
+    for await (const ev of asyncIterator) {
+      result.push(ev);
+    }
+
+    expect(result).toEqual([[1], [2], [3], [4]]);
+  });
+
+  test("Stop reading events after 'close' event is emitted", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey", { close: ["close"] } as any);
+
+    process.nextTick(() => {
+      emitter.emit("hey", 1);
+      emitter.emit("hey", 2);
+      emitter.emit("close");
+      emitter.emit("hey", 3);
+    });
+
+    const result = [];
+    for await (const ev of asyncIterator) {
+      result.push(ev);
+    }
+
+    expect(result).toEqual([[1], [2]]);
+  });
+
+  test("Queue events before first next() call", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey");
+
+    emitter.emit("hey", 1);
+    emitter.emit("hey", 2);
+    emitter.emit("hey", 3);
+
+    await new Promise(resolve => setTimeout(resolve, 1000));
+
+    expect((await asyncIterator.next()).value).toEqual([1]);
+    expect((await asyncIterator.next()).value).toEqual([2]);
+    expect((await asyncIterator.next()).value).toEqual([3]);
+  });
+
+  test("Emit multiple values", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey");
+
+    emitter.emit("hey", 1, 2, 3);
+
+    const { value } = await asyncIterator.next();
+    expect(value).toEqual([1, 2, 3]);
+  });
+
+  test("kFirstEventParam", async () => {
+    const kFirstEventParam = Symbol.for("nodejs.kFirstEventParam");
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey", { [kFirstEventParam]: true } as any);
+
+    emitter.emit("hey", 1, 2, 3);
+    emitter.emit("hey", [4, 5, 6]);
+
+    expect((await asyncIterator.next()).value).toBe(1);
+    expect((await asyncIterator.next()).value).toEqual([4, 5, 6]);
+  });
+
+  test("Cancel via error event", async () => {
+    const { on, EventEmitter } = require("node:events");
+    const process = require("node:process");
+
+    const ee = new EventEmitter();
+    const output = [];
+
+    // Emit later on
+    process.nextTick(() => {
+      ee.emit("foo", "bar");
+      ee.emit("foo", 42);
+      ee.emit("foo", "baz");
+    });
+
+    setTimeout(() => {
+      ee.emit("error", "DONE");
+    }, 1_000);
+
+    try {
+      for await (const event of on(ee, "foo")) {
+        output.push([1, event]);
+      }
+    } catch (error) {
+      output.push([2, error]);
+    }
+
+    expect(output).toEqual([
+      [1, ["bar"]],
+      [1, [42]],
+      [1, ["baz"]],
+      [2, "DONE"],
+    ]);
+  });
+
+  test("AbortController", () => {
+    const { on, EventEmitter } = require("node:events");
+
+    const ac = new AbortController();
+    const ee = new EventEmitter();
+    const output = [];
+
+    process.nextTick(() => {
+      ee.emit("foo", "bar");
+      ee.emit("foo", 42);
+      ee.emit("foo", "baz");
+    });
+    (async () => {
+      try {
+        for await (const event of on(ee, "foo", { signal: ac.signal })) {
+          output.push([1, event]);
+        }
+        console.log("unreachable");
+      } catch (error: any) {
+        const { code, message } = error;
+        output.push([2, { code, message }]);
+
+        expect(output).toEqual([
+          [1, ["bar"]],
+          [1, [42]],
+          [1, ["baz"]],
+          [
+            2,
+            {
+              code: "ABORT_ERR",
+              message: "The operation was aborted",
+            },
+          ],
+        ]);
+      }
+    })();
+
+    process.nextTick(() => ac.abort());
+  });
+
+  // Checks for potential issues with FixedQueue size
+  test("Queue many events", async () => {
+    const emitter = new EventEmitter();
+    const asyncIterator = EventEmitter.on(emitter, "hey");
+
+    for (let i = 0; i < 2500; i += 1) {
+      emitter.emit("hey", i);
+    }
+
+    expect((await asyncIterator.next()).value).toEqual([0]);
+  });
+
+  test("readline.createInterface", async () => {
+    const { createInterface } = require("node:readline");
+    const { createReadStream } = require("node:fs");
+    const path = require("node:path");
+
+    const fpath = path.join(__filename, "..", "..", "child_process", "fixtures", "child-process-echo-options.js");
+    console.log(fpath);
+    const interfaced = createInterface(createReadStream(fpath));
+    const output = [];
+
+    try {
+      for await (const line of interfaced) {
+        output.push(line);
+      }
+    } catch (e) {
+      expect(output).toBe([
+        "// TODO - bun has no `send` method in the process",
+        "process?.send({ env: process.env });",
+      ]);
+    }
+  });
+});
+
 describe("EventEmitter error handling", () => {
   test("unhandled error event throws on emit", () => {
     const myEmitter = new EventEmitter();
@@ -630,4 +815,9 @@ describe("EventEmitter constructors", () => {
     const events = req("events");
     new events();
   });
+
+  test("in cjs, events is callable", () => {
+    const EventEmitter = require("events");
+    new EventEmitter();
+  });
 });
diff --git a/test/js/node/events/events-cjs.test.js b/test/js/node/events/events-cjs.test.js
deleted file mode 100644
index 1f2e3399b0..0000000000
--- a/test/js/node/events/events-cjs.test.js
+++ /dev/null
@@ -1,93 +0,0 @@
-test("in cjs, events is callable", () => {
-  const EventEmitter = require("events");
-  new EventEmitter();
-});
-
-test("events.on", async () => {
-  const { on, EventEmitter } = require("node:events");
-  const process = require("node:process");
-
-  const ee = new EventEmitter();
-  const output = [];
-
-  // Emit later on
-  process.nextTick(() => {
-    ee.emit("foo", "bar");
-    ee.emit("foo", 42);
-  });
-
-  setTimeout(() => {
-    ee.emit("error", "DONE");
-  }, 1_000);
-
-  try {
-    for await (const event of on(ee, "foo")) {
-      output.push([1, event]);
-    }
-  } catch (error) {
-    output.push([2, error]);
-  }
-
-  expect(output).toEqual([
-    [1, ["bar"]],
-    [1, [42]],
-    [2, "DONE"],
-  ]);
-});
-
-test("events.on with AbortController", () => {
-  const { on, EventEmitter } = require("node:events");
-
-  const ac = new AbortController();
-  const ee = new EventEmitter();
-  const output = [];
-
-  process.nextTick(() => {
-    ee.emit("foo", "bar");
-    ee.emit("foo", 42);
-  });
-  (async () => {
-    try {
-      for await (const event of on(ee, "foo", { signal: ac.signal })) {
-        output.push([1, event]);
-      }
-      console.log("unreachable");
-    } catch (error) {
-      const { code, message } = error;
-      output.push([2, { code, message }]);
-
-      expect(output).toEqual([
-        [1, ["bar"]],
-        [1, [42]],
-        [
-          2,
-          {
-            code: "ABORT_ERR",
-            message: "The operation was aborted",
-          },
-        ],
-      ]);
-    }
-  })();
-
-  process.nextTick(() => ac.abort());
-});
-
-test("readline.createInterface", async () => {
-  const { createInterface } = require("node:readline");
-  const { createReadStream } = require("node:fs");
-  const path = require("node:path");
-
-  const fpath = path.join(__filename, "..", "..", "child_process", "fixtures", "child-process-echo-options.js");
-  console.log(fpath);
-  const interfaced = createInterface(createReadStream(fpath));
-  const output = [];
-
-  try {
-    for await (const line of interfaced) {
-      output.push(line);
-    }
-  } catch (e) {
-    expect(output).toBe(["// TODO - bun has no `send` method in the process", "process?.send({ env: process.env });"]);
-  }
-});
diff --git a/test/js/node/readline/readline.node.test.ts b/test/js/node/readline/readline.node.test.ts
index a30afcc829..7f4b270344 100644
--- a/test/js/node/readline/readline.node.test.ts
+++ b/test/js/node/readline/readline.node.test.ts
@@ -1880,6 +1880,23 @@ describe("readline.createInterface()", () => {
     input.write("abc\n");
   });
 
+  it("should support reading-in lines via for await...of loop", async () => {
+    const sampleTextBuffer = new Buffer.from("Line1\nLine2\nLine3\nLine4");
+    const bufferStream = new PassThrough();
+
+    const rl = readline.createInterface({
+      input: bufferStream,
+    });
+
+    process.nextTick(() => {
+      bufferStream.end(sampleTextBuffer);
+    });
+
+    const result = [];
+    for await (const line of rl) result.push(line);
+    expect(result).toEqual(["Line1", "Line2", "Line3", "Line4"]);
+  });
+
   it("should respond to home and end sequences for common pttys ", () => {
     const input = new PassThrough();
     const rl = readline.createInterface({