The lattice Boltzmann modeling approach holds the promise of accurate simulations of complex multiphase fluid systems. As new simulation methods based on lattice Boltzmann modeling begin to be used in the research and design of new processes in the field of chemical engineering, benchmarking the performance of these methods becomes necessary and critical. In this work we present a newly developed lattice Boltzmann method for multicomponent-multiphase flow capable of accurately modeling the multiphase mass transfer, chemical equilibrium, momentum transfer, and surface tension effects for various binary systems. To further validate the multiphase lattice Boltzmann model, the behavior of droplets and bubbles is simulated over a range of viscosities, densities, and surface tensions for comparison with experimental data. Good agreement is found between experimental data and simulation based on lattice Boltzmann modeling approach.