Random binary block copolymers emerge from linking permanently and at random prepolymer blocks of two different chemical species A and B. The competitive interplay of conformational entropy, connectivity within one polymer, temperature-dependent incompatibility between A and B, and incompressibility gives rise to a complex phase behavior with a variety of possible morphologies of A-and B-rich domains. Technical applications of the self-organized structures in block copolymers include nanoscale templates and medical drug delivery via copolymer micelles.For random Q-block copolymers, this work addresses theoretically the conjectured coexistence of macroscopic phase separation and a structured phase of microscopic A-and B-rich domains. Sequence fractionation according to the copolymers' internal structure promotes the coexistence of phases with different morphologies in equilibrium, as is revealed by a theory with explicit account for the exchange of individual sequences. In our semi-microscopic model, one block comprises M identical segments. The Markovian block-type sequence distribution is characterized by the type correlation λ of adjacent blocks and the global A content. Our focus is on block copolymer distributions with A B exchange symmetry, for which phase transitions from the disordered state are continuous within mean-field theory. Upon increasing the incompatibility χ (by decreasing temperature) in the disordered state, we observe the formation of the known global, ordered phases: for λ > λ c , two coexisting macroscopic A-and B-rich phases, and for λ < λ c , a microstructured (lamellar) phase with nonzero wave number, k(λ). In addition, we encounter a fourth region in the λ-χ plane where these three phases coexist with different, for Q ≥ 3 non-Markovian, sequence distributions. The three-phase region is reached, either from the macroscopic phases via a third lamellar phase that is rich in alternating sequences, or starting from the lamellar state, via two additional homogeneous, homopolymer-enriched phases; in both cases, the incipient phases have zero volume fraction. The four regions of the phase diagram meet at a multicritical point (λ c , χ c ), at which A-B segregation vanishes. Since our analytical method assumes weak segregation for the lamellar phase, it proves reliable particularly in the vicinity of (λ c , χ c ). For random triblock copolymers, Q = 3, we find that both the character of this point and the critical exponent of the segregation amplitude change substantially with the number M of segments per block: The lamellar wave number vanishes continuously on approach to (λ c , χ c ) only for M < 7. The results for Q = 3 in the continuous-chain limit M → ∞ are compared to numerical self-consistent field theory (SCFT), which is accurate at larger segregation.