The currently accepted answer is wrong about innerHTML
being slower (at least in IE and Chrome), as m93a correctly mentioned.
Chrome and FF are dramatically faster using this method (which will destroy attached jquery data):
var cNode = node.cloneNode(false);
node.parentNode.replaceChild(cNode, node);
in a distant second for FF and Chrome, and fastest in IE:
node.innerHTML = '';
InnerHTML won't destroy your event handlers or break jquery references, it's also recommended as a solution here:
https://developer.mozilla.org/en-US/docs/Web/API/Element.innerHTML.
The fastest DOM manipulation method (still slower than the previous two) is the Range removal, but ranges aren't supported until IE9.
var range = document.createRange();
range.selectNodeContents(node);
range.deleteContents();
The other methods mentioned seem to be comparable, but a lot slower than innerHTML, except for the outlier, jquery (1.1.1 and 3.1.1), which is considerably slower than anything else:
$(node).empty();
Evidence here:
http://jsperf.com/innerhtml-vs-removechild/167 http://jsperf.com/innerhtml-vs-removechild/300
https://jsperf.com/remove-all-child-elements-of-a-dom-node-in-javascript
(New url for jsperf reboot because editing the old url isn't working)
Jsperf's "per-test-loop" often gets understood as "per-iteration", and only the first iteration has nodes to remove so the results are meaningless, at time of posting there were tests in this thread set up incorrectly.