The evolution of the gas and dust content of the multiphase interstellar medium (ISM) is studied by modeling the chemical evolution (CE) of the Milky Way. In this model, the infall of primordial gas, stellar feedback and mass exchange between ISM phases determine the chemical evolution of the Galaxy. In comparison with one phase CE models, including multiphase ISM in CE modeling give us the advantage to account explicitly for: (1) dependence of star formation rate on fraction of cold medium; (2) studying abundance differences between ISM phases; (3) modeling the evolution of galactic dust content, as the dust destruction by SN shocks occurs in the warm medium and grain growth due to accretion in molecular clouds.