Liquid immiscibility is a critical mechanism to diversify magma compositions. The physical separation of exsolved melt droplets is an essential process in generating new magmas. However, little attention has been paid to this physical process. In this study, we present a new model for segregation of immiscible melt droplets in which exsolution, settling, and coalescence are all considered. The separation of immiscible droplets is similar to that of crystals in magma when the discrete melt exsolves as large (millimeter-size) droplets and/or when the magma cools slowly. However, when immiscible melt droplets are small (micrometer-size) and/or magma cools rapidly, coalescence can significantly enhance their separation. The low interfacial tension between coexisting silicate melts leads to the exsolution of extremely small melt droplets. Furthermore, the high viscosity of silica-rich melt suppresses the coalescence of droplets. Consequently, the separation of highly viscous silica-rich melt droplets is slow but could have occurred in a slowly cooling magma such as the Skaergaard intrusion. By contrast, the coalescence rate of melt droplets with low viscosity is high. Iron-rich melt droplets, which have low viscosities, could have been separated from hydrous andesitic melts to form magnetite-apatite ore deposits at El Laco and Marcona. Furthermore, the viscosities of sulfide and carbonatitic melts are low. Therefore, immiscibility between sulfide and silicate melts may lead to the formation of magmatic sulfide deposits, and immiscibility between carbonatitic and silicate melts can support periodical eruptions of carbonatitic lava.