We investigate a model of interacting Dirac fermions in 2 + 1 dimensions with M flavors and N colors having the U(M)×SU(N ) symmetry. In the large-N limit, we find that the U(M) symmetry is spontaneously broken in a variety of ways. In the vacuum, when the parity-breaking flavor-singlet mass is varied, the ground state undergoes a sequence of M first-order phase transitions, experiencing M + 1 phases characterized by symmetry breaking U(M)→U(M − k)×U(k) with k ∈ {0, 1, 2, · · · , M}, bearing a close resemblance to the vacuum structure of three-dimensional QCD. At finite temperature and chemical potential, a rich phase diagram with first and second-order phase transitions and tricritical points is observed. Also exotic phases with spontaneous symmetry breaking of the form as U(3)→U(1)3, U(4)→U(2)×U(1)2, and U(5)→U(2)2×U(1) exist. For a large flavor-singlet mass, the increase of the chemical potential μ brings about M consecutive first-order transitions that separate the low-μ phase diagram with vanishing fermion density from the high-μ region with a high fermion density.