This review starts with a concise explanation of the basics and advantages of the Lattice Boltzmann model (LBM) for simulating both single-phase and multiphase complex flow systems. The focus is on recent developments in the field of LBMs, particularly with respect to the multi-component pseudo-potential LBM, which is excellently suitable for simulating individual drops and bubbles as well as emulsions (including surfactants) and bubbly flows. Very promising findings have also been reported on applying the LBM to heat and mass transport and to chemical reactions. It is therefore safe to claim that the LBM is the smartest choice for computationally simulating processes in all types of equipment.