Abnormal phase transitions have been implicated in the occurrence of proteinopathies. Disordered proteins with nucleic acidbinding ability drive the formation of reversible micron‐sized condensates capable of controlling nucleic acid processing/transport. This mechanism, achieved via liquid–liquid phase separation (LLPS), underlies the formation of long‐studied membraneless organelles (e.g., nucleolus) and various transient condensates formed by driver proteins. The prion protein (PrP) is not a classical nucleic acid‐binding protein. However, it binds nucleic acids with high affinity, undergoes nucleocytoplasmic shuttling, contains a long intrinsically disordered region rich in glycines and evenly spaced aromatic residues, among other biochemical/biophysical properties of bona fide drivers of phase transitions. Because of this, our group and others have characterized LLPS of recombinant PrP. In vitro phase separation of PrP is modulated by nucleic acid aptamers, and depending on the aptamer conformation, the liquid droplets evolve to solid‐like species. Herein, we discuss recent studies and previous evidence supporting PrP phase transitions. We focus on the central role of LLPS related to PrP physiology and pathology, with a special emphasis on the interaction of PrP with different ligands, such as proteins and nucleic acids, which can play a role in prion disease pathogenesis. Finally, we comment on therapeutic strategies directed at the non‐functional phase separation that could potentially tackle prion diseases or other protein misfolding disorders. Condensates formed by neurodegeneration‐prone proteins through liquid–liquid phase separation drive many cellular processes, from signaling at the membrane to gene expression in the nucleus. Recently, we and others have shown that prion protein (PrP) forms condensates finely controlled by physicochemical factors and ligands' concentration. Here, we discuss how PrP phase separation relates to its function and is possibly behind pathological aggregation. We also review important structural characteristics of PrP and comment on hypothetical therapies to tackle aberrant condensation. We present an integrated view of PrP phase separation ability that might contribute toward understanding the molecular basis of prion diseases.