The tension at the interfaces separating the three phases of matter is a unique property in that it can reveal a great deal of information about the phases in contact, including the direction and extent of mass transfer of components, their proximity to equilibrium, the nature of fluids distribution relative to one another, the contact angle, and the spreading and adhesion behavior of liquids on solid surfaces. In this paper we examine, with supporting experimental data, the multitude of roles played by interfacial tension in establishing (1) the phase behavior characteristics of solubility, miscibility, and the associated mass transfer mechanisms in multicomponent fluid systems, (2) the nature of fluids distribution in gas-oil-water systems in porous solid substrates and (3) the spreading and adhesion characteristics in solid-liquid-liquid systems through dynamic contact angles.