Here, we review the recent progress in the characterisation and utilisation of coacervates as protocell models in the origin of life studies. We provide evidence that coacervation could have played a unique role during the origin of life, based on its ability to form from a range of different prebiotically relevant molecules; partition solutes; support and alter RNA catalysis and readily deform its shape. We discuss how these properties could have been important for the formation of the first membrane-bound cells, supporting RNA-peptide evolution and primitive metabolism, and in replicating and proliferating by growth and division processes.