Membrane technologies are widely used as the backbone of separation and purification processes. Among fabrication process, phase inversion (PI) techniques are extensively utilized for fabricating microporous polymer membranes, offering significant advantages in environmental sustainability and operational efficiency. This review offers a comprehensive evaluation of contemporary strategies for membrane fabrication using various PI methods, including nonsolvent-induced phase separation (NIPS),vapor/evaporation-induced phase separation (VIPS),evaporation-induced phase separation (EIPS), and thermally induced phase separation (TIPS). The discussion emphasizes the thermodynamic and kinetic phenomena that govern membrane formation, while addressing the challenges and innovations in optimizing membrane structure and performance. By carefully controlling variables such as solvent types, polymer concentration, and temperature, PI processes can be fine-tuned to produce membranes with tailored characteristics. These membranes are suitable for a broad spectrum of separation technologies, spinning from water treatment to gas separation. Finally, recent application of gas separation for membrane phase inversion was discussed.