The examples of phase equilibria in binary systems, solid/liquid (SLE), liquid/liquid (LLE), vapor/liquid (VLE), as well as liquid/liquid equilibria in ternary systems mainly containing ionic liquids (ILs), or the infragrance materials, or pharmaceuticals with molecular organic solvents, such as an alcohol, or water, or hydrocarbons, are presented. The most popular correlation methods of the experimental phase equilibrium data are presented, related to the excess Gibbs free energy models such as Wilson, universal-quasichemical, UNIQUAC and non-random two-liquid model, NRTL as well as several popular theories for the modeling of the phase equilibria and excess molar enthalpy, HE in binary or ternary mixtures are presented: the group contribution method (Mod. UNIFAC) and modified UNIFAC model for pharmaceuticals and lattice theory based on non-random hydrogen bonding (NRHB). The SLE, LLE, or VLE and HE of these systems may be described by the Perturbed-Chain Polar Statistical Associating Fluid Theory (PC-SAFT), or a Conductor-like Screening Model for Real Solvents (COSMO-RS). The examples of the application of ILs as extractants for the separation of aromatic hydrocarbons from alkanes, sulfur compounds from alkanes, alkenes from alkanes, ethylbenzene from styrene, butan-1-ol from water phase, or 2-phenylethanol (PEA) from water are discussed on the basis of previously published data. The first information about the selectivity of extrahent for separation can be obtained from the measurements of the limiting activity coefficient measurements by the gas−liquid chromatography technique. This review outlines the main research work carried out over the last few years on direct measurements of phase equilibria, or HE and limiting activity coefficients, the possibility of thermodynamic modeling with emphasis on recent research achievements and potential for future research.