Coacervates, droplets formed by liquid-liquid phase separation, are considered as protocells that could have played a role in the emergence of life. They provide a microenvironment that can enhance reaction rates and selectivity by concentrating reactants, stabilizing products, and altering the energy landscape of reactions. These properties make coacervates similar to micellar catalysts, enabling them to accelerate prebiotic reactions and provide selectivity. Coacervates can also act as catalytic microcompartments, similar to enzymes, by localizing catalysts and facilitating reactions through their unique physicochemical environment. The coacervate environment can influence reaction outcomes through various mechanisms, including local concentration effects, changes in energy landscapes, and surface interactions. Coacervates can also enhance reaction selectivity by excluding inhibitors or competing reagents, and by providing a distinct pH, water activity, and charge environment. The study highlights the potential of coacervates as catalytic microcompartments in prebiotic chemistry, with examples showing their ability to accelerate ribozyme reactions and provide product selectivity. The findings suggest that coacervates could have functioned as enzyme-like catalytic microcompartments at the origins of life.Coacervates, droplets formed by liquid-liquid phase separation, are considered as protocells that could have played a role in the emergence of life. They provide a microenvironment that can enhance reaction rates and selectivity by concentrating reactants, stabilizing products, and altering the energy landscape of reactions. These properties make coacervates similar to micellar catalysts, enabling them to accelerate prebiotic reactions and provide selectivity. Coacervates can also act as catalytic microcompartments, similar to enzymes, by localizing catalysts and facilitating reactions through their unique physicochemical environment. The coacervate environment can influence reaction outcomes through various mechanisms, including local concentration effects, changes in energy landscapes, and surface interactions. Coacervates can also enhance reaction selectivity by excluding inhibitors or competing reagents, and by providing a distinct pH, water activity, and charge environment. The study highlights the potential of coacervates as catalytic microcompartments in prebiotic chemistry, with examples showing their ability to accelerate ribozyme reactions and provide product selectivity. The findings suggest that coacervates could have functioned as enzyme-like catalytic microcompartments at the origins of life.