In this paper, we review the recent development of phase-field models and their numerical methods for multi-component fluid flows with interfacial phenomena. The models consist of a Navier-Stokes system coupled with a multi-component Cahn-Hilliard system through a phase-field dependent surface tension force, variable density and viscosity, and the advection term. The classical infinitely thin boundary of separation between two immiscible fluids is replaced by a transition region of a small but finite width, across which the composition of the mixture changes continuously. A constant level set of the phase-field is used to capture the interface between two immiscible fluids. Phase-field methods are capable of computing topological changes such as splitting and merging, and thus have been applied successfully to multi-component fluid flows involving large interface deformations. Practical applications are provided to illustrate the usefulness of using a phase-field method. Computational results of various experiments show the accuracy and effectiveness of phase-field models.