High-entropy alloys (HEAs) represent a promising class of materials with exceptional structural and functional properties. However, their design and optimization pose challenges due to the large composition-phase space coupled with the complex and diverse nature of the phase formation dynamics. In this study, a data-driven approach that utilizes machine learning (ML) techniques to predict HEA phases and their composition-dependent phases is proposed. By employing a comprehensive dataset comprising 5692 experimental records encompassing 50 elements and 11 phase categories, we compare the performance of various ML models. Our analysis identifies the most influential features for accurate phase prediction. Furthermore, the class imbalance is addressed by employing data augmentation methods, raising the number of records to 1500 in each category, and ensuring a balanced representation of phase categories. The results show that XGBoost and Random Forest consistently outperform the other models, achieving 86% accuracy in predicting all phases. Additionally, this work provides an extensive analysis of HEA phase formers, showing the contributions of elements and features to the presence of specific phases. We also examine the impact of including different phases on ML model accuracy and feature significance. Notably, the findings underscore the need for ML model selection based on specific applications and desired predictions, as feature importance varies across models and phases. This study significantly advances the understanding of HEA phase formation, enabling targeted alloy design and fostering progress in the field of materials science.