This article reviews the phase behavior of polymer blends with special emphasis on blends of random copolymers. Thermodynamic issues are considered and then experimental results on miscibility and phase separation are summarized. Section 3 deals with characteristic features of both the liquid-liquid phase separation process and the reverse phenomenon of phase dissolution in blends. This also involves morphology control by definite phase decomposition. In Sect. 4 attention will be focused on flow-induced phase changes in polymer blends. Experimental results and theoretical approaches are outlined.