The liquid−liquid phase separation phase separation phenomenon has been described for some biopolymers and has been studied in sufficient detail for a few proteins with intrinsically disordered regions. One example of such proteins is the nucleocapsid (N) protein of the severe acute respiratory syndrome coronavirus 2. In this review, we have analyzed available data on N-protein separation in the presence of viral RNA. Particular attention has been paid to transient contacts within the condensates and the N-protein/RNA fragments that form these contacts. The modern concepts of the role of the condensates in the SARS-CoV-2 life cycle and their influence on the host-protective machinery have been summarized. Finally, comments on the possibility of regulating the viral condensates using synthetic or natural small molecules (phase separation modulators), which can provide a new option in the design of antiviral agents, are given.