Since its introduction in membrane technology in the 1960's, phase inversion by means of immersion precipitation has been widely studied for the preparation of membranes to be applied in the fields of microfiltration (MF) and ultrafiltration (UF). However, much less knowledge is available about this process in terms of integrally skinned asymmetric nanofiltration membranes, especially for more hydrophobic polymers applied in solvent resistant nanofiltration (SRNF). This review focuses on the preparation aspects of integrally skinned asymmetric membranes to be applied in the field of SRNF via phase inversion. It starts with the explanation of the basic principles of the phase inversion process, covering both thermodynamic and kinetic aspects. Further, it summarizes the parameters that significantly influence final membrane performance and morphology, including polymer type and concentration, casting solvent, additives, evaporation time, and temperature, humidity, membrane thickness, composition, and temperature of coagulation bath and post-treatment. Literature contained within this review constitutes the core references in the field of SRNF, but also several references on preparation of MF, UF, aqueous NF, and reverse osmosis (RO) membranes have been included to better clarify or illustrate certain aspects of the process.