Fundamental properties of the multicomponent diffuse-interface model (DIM), such as the maximum entropy principle and conservation laws, are used to explore the basic interfacial dynamics and phase transitions in fluids. Flat interfaces with monotonically changing densities of the components are proved to be stable. A liquid layer in contact with oversaturated but stable vapour is shown to either fully evaporate or eternally expand (depending on the initial perturbation), whereas a liquid in contact with saturated vapour always evaporates. If vapour is bounded by a solid wall with a sufficiently large contact angle, spontaneous condensation occurs in the vapour. The external parameters of the multicomponent DIM – e.g. the Korteweg matrix describing the long-range intermolecular forces – are determined for the water/air combination. The Soret and Dufour effects are shown to be negligible in this case, and the interfacial flow, close to isothermal.