The phase diagrams of aqueous biphasic systems impart a distinct idea regarding the feasibility of biphase formation by different water soluble substances at their optimum concentrations. Depending on nature of the components viz., the water soluble polymers, surfactants, salts, amino acids or ionic liquids, a general trend of the biphase formation with varying temperature, pH and concentration has been studied over the recent years. This critical review is an endeavor to assess the general trends of these phase forming components to form biphasic systems with varying conditions of temperature and pH in light of the reported phase diagrams. Suitable explanations for the mechanisms of such behavior have been sorted out. The avenue yet to be explored has been addressed as these systems have a tremendous potential to be the future platform to solve different analytical issues. © 2016 Elsevier B.V.