Interferometry is a highly versatile tool for probing physical and chemical phenomena. In addition to the benefit of noncontact investigations, even spatially resolved information can be obtained by choosing a suitable setup. This review presents the evolution of the various setups that have evolved since the first interferometers were developed in the mid-nineteenth century and highlights the benefits, limitations, and typical areas of application. This review focuses on interferometry based on electromagnetic waves in the near-infrared and visible range applied to liquid samples, categorizes the chemical/physical properties (e.g., pressure, temperature, composition) and phenomena (e.g., evaporation, crystal growth, diffusion, thermophoresis) that can be assessed, and presents a comprehensive literature review of specific existing applications. Finally, it discusses some fundamental open questions with respect to geometric considerations and overlapping effects. Expected final online publication date for the Annual Review of Chemical and Biomolecular Engineering, Volume 13 is October 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.