<p>The lattice Boltzmann method (LBM) has evolved over the past three decades into a powerful and widely used computational framework for simulating multiphase and multicomponent flows. This unique hybrid review combines a large-scale bibliometric analysis with an in-depth thematic review, providing a comprehensive perspective on current developments and future trends in multiphase LBM. Bibliometric results of 5657 publications (1991–2025) reveal exponential growth in publications, strong international collaboration networks, and a clear shift from early interface-capturing schemes toward more stable, physically consistent, and high-performance formulations. The thematic review highlights core families of multiphase LBM models, including color-gradient, pseudopotential, free-energy, and phase-field approaches, emphasizing their theoretical foundations, strengths, limitations, and representative applications. Emerging trends such as high-density-ratio stabilization, wetting and contact-line modeling, hybrid LBM-continuum solvers, machine-learning-accelerated LBM, and GPU-optimized implementations are also discussed. The review further provides a comparative discussion of leading multiphase models alongside the core challenges in the field and the strategies proposed to address them. Finally, the key future directions are outlined, including exascale-ready algorithms, data-driven closure models, quantum-inspired LBM formulations, and thermodynamic consistency for extreme regimes. Together, this work provides a concise and integrated overview of the intellectual and technical advances in multiphase LBM, serving as an essential reference for researchers seeking to understand its evolution, current status, and future directions.</p>