The theory of multiphase polymer systems has a venerable tradition. The 'classical' theory of polymer demixing, the Flory-Huggins theory, was developed in the 1940s [1,2]. It is still the starting point for most current approaches -be they improved theories for polymer (im)miscibility that take into account the microscopic structure of blends more accurately, or sophisticated field theories that allow to study inhomogeneous multicomponent systems of polymers with arbitrary architectures in arbitrary geometries. In contrast, simulations of multiphase polymer systems are quite young. They are still limited by the fact that one must simulate a large number of large molecules in order to obtain meaningful results. Both powerful computers and smart modeling and simulation approaches are necessary to overcome this problem.In the limited space of this chapter, we can only give a taste of the state-of-the-art in both areas, theory and simulation. Since the theory has reached a fairly mature stage by now, many aspects of it are covered in textbooks on polymer physics [3][4][5][6][7][8][9]. The information on the state-of-the art of simulations is much more scattered. This is why we have put some effort into putting together a representative list of references in this area -which is of course still far from complete.The chapter is organized as follows. In Section II, we briefly introduce some basic concepts of polymer theory. The purpose of this part is to make the chapter accessible to readers who are not very familiar with polymer physics; it can safely be skipped by the others. Section III is devoted to the theory of multiphase polymer systems. We recapitulate the Flory-Huggins theory and introduce in particular the concept of the Flory interaction parameter (the χ parameter), which is a central ingredient in most theoretical descriptions of multicomponent polymer systems. Then we focus on one of the most successful mean-field theories for inhomogeneous (co)polymer blends, the self-consistent field theory. We sketch the main idea, discuss various Handbook of Multiphase Polymer Systems, First Edition. Edited by Abderrahim Boudenne, Laurent Ibos, Yves Candau, and Sabu Thomas.