Simulating multiphase/multicomponent flows has always been a challenge to conventional CFD because of the moving and deformable interfaces. More fundamentally, the interfaces between different phases (liquid and vapor) or components (e.g., oil and water) originate from the specific interactions among fluid molecules. Therefore, it is difficult to implement such microscopic interactions into the macroscopic Navier–Stokes equation. However, in LBM, the particulate kinetics provides a relatively easy and consistent way to incorporate the underlying microscopic interactions by modifying the collision operator. Several LBM multiphase/multicomponent models have been developed. Here phase separations are generated automatically from the particle dynamics and no special treatment is needed to manipulate the interfaces as in traditional CFD methods. Successful applications of multiphase/multicomponent LBM models can be found in various complex fluid systems, including interface instability, bubble/droplet dynamics, wetting on solid surfaces, interfacial slip, and droplet electrohydrodynamic deformations.