Individual amphiphiles, polymers, and colloidal dispersions influenced by temperature, pH, and environmental conditions or interactions between their oppositely charged pairs in solvent medium often produce solvent-rich and solvent-poor phases in the system. The solvent-poor denser phase found either on the top or the bottom of the system is called coacervate. Coacervates have immense applications in various technological fields. This review comprises a concise introduction, focusing on the types of coacervates, and the influence of different factors in their formation, structures, and stability. In addition, their physicochemical properties, thermodynamics of formation, and uses and multifarious applications are also concisely presented and discussed.