Multiphase flows with momentum, heat, and mass transfer exist widely in a variety of industrial applications. With the rapid development of numerical algorithms and computer capacity, advanced numerical simulation has become a promising tool in investigating multiphase transport problems. Immersed boundary (IB) method has recently emerged as such a popular interface capturing method for efficient simulations of multiphase flows, and significant achievements have been obtained. In this review, we attempt to give an overview of recent progresses on IB method for multiphase transport phenomena. Firstly, the governing equations, the basic ideas, and different boundary conditions for the IB methods are introduced. This is followed by numerical strategies, from which the IB methods are classified into two types, namely the artificial boundary method and the authentic boundary method. Discussions on the implementation of various boundary conditions at the interphase surface with momentum, heat, and mass transfer for different IB methods are then presented, together with a summary. Then, the state-of-the-art applications of IB methods to multiphase flows, including the isothermal flows, the heat transfer flows, and the mass transfer problems are outlined, with particular emphasis on the latter two topics. Finally, the conclusions and future challenges are identified.