Coacervates are condensed liquid-like droplets, usually formed with oppositely charged polymeric molecules. They have been studied extensively in colloid and interface science for their remarkable material properties. The liquid–liquid phase separation underlying coacervate formation also plays an important role in the formation of various membraneless organelles (MLOs) that are found in many living cells. Therefore, there is an increasing interest to use well-characterized coacervates as in vitro models that mimic specific aspects of MLOs. Here, we review five aspects – physical and chemical properties, hierarchical organization, uptake selectivity, formation dynamics, and maturation – that are of particular interest and discuss how useful coacervates are to better understand these aspects of MLOs.