An overview of theoretical results and experimental data on the thermodynamics, structure and dynamics of the heterophase glass-forming liquids is presented. The theoretical approach is based on the mesoscopic heterophase fluctuations model (HPFM) developed within the framework of the bounded partition function approach. The Fischer cluster phenomenon, glass transition, liquid-liquid transformations, parametric phase diagram, cooperative dynamics and fragility of the glass-forming liquids is considered.