What is the HtmlSpecialChars equivalent in JavaScript?

There is a problem with your solution code--it will only escape the first occurrence of each special character. For example:

escapeHtml('Kip\'s <b>evil</b> "test" code\'s here');
Actual:   Kip&#039;s &lt;b&gt;evil</b> &quot;test" code's here
Expected: Kip&#039;s &lt;b&gt;evil&lt;/b&gt; &quot;test&quot; code&#039;s here

Here is code that works properly:

function escapeHtml(text) {
  return text
      .replace(/&/g, "&")
      .replace(/</g, "&lt;")
      .replace(/>/g, "&gt;")
      .replace(/"/g, "&quot;")
      .replace(/'/g, "&#039;");
}

Update

The following code will produce identical results to the above, but it performs better, particularly on large blocks of text (thanks jbo5112).

function escapeHtml(text) {
  var map = {
    '&': '&',
    '<': '&lt;',
    '>': '&gt;',
    '"': '&quot;',
    "'": '&#039;'
  };
  
  return text.replace(/[&<>"']/g, function(m) { return map[m]; });
}

That's HTML Encoding. There's no native javascript function to do that, but you can google and get some nicely done up ones.

E.g. http://sanzon.wordpress.com/2008/05/01/neat-little-html-encoding-trick-in-javascript/

EDIT:
This is what I've tested:

var div = document.createElement('div');
  var text = document.createTextNode('<htmltag/>');
  div.appendChild(text);
  console.log(div.innerHTML);

Output: <htmltag/>

Worth a read: http://bigdingus.com/2007/12/29/html-escaping-in-javascript/

escapeHTML: (function() {
 var MAP = {
   '&': '&',
   '<': '&lt;',
   '>': '&gt;',
   '"': '&#34;',
   "'": '&#39;'
 };
  var repl = function(c) { return MAP[c]; };
  return function(s) {
    return s.replace(/[&<>'"]/g, repl);
  };
})()

Note: Only run this once. And don't run it on already encoded strings e.g. & becomes &

Here's a function to escape HTML:

function escapeHtml(str)
{
    var map =
    {
        '&': '&',
        '<': '&lt;',
        '>': '&gt;',
        '"': '&quot;',
        "'": '&#039;'
    };
    return str.replace(/[&<>"']/g, function(m) {return map[m];});
}

And to decode:

function decodeHtml(str)
{
    var map =
    {
        '&': '&',
        '&lt;': '<',
        '&gt;': '>',
        '&quot;': '"',
        '&#039;': "'"
    };
    return str.replace(/&amp;|&lt;|&gt;|&quot;|&#039;/g, function(m) {return map[m];});
}

With jQuery it can be like this:

var escapedValue = $('<div/>').text(value).html();

From related question Escaping HTML strings with jQuery

As mentioned in comment double quotes and single quotes are left as-is for this implementation. That means this solution should not be used if you need to make element attribute as a raw html string.