When subjected to mechanical, thermal, or other loads, film–substrate systems may undergo complex cracking behaviors, which encompass film and substrate cracking, interfacial debonding, and their combinations, exhibiting rich fracture patterns, such as three-dimensional helical cracks. Identifying the mechanisms underlying these fracture phenomena may lead to more advanced strategies for technologically significant applications. In this paper, we develop an interfacial cohesive peridynamic method for fracture analysis of multiple-phase materials. Particularly, we focus on the modeling of coupled film cracking and interfacial debonding in film–substrate systems. By introducing cohesive interfacial bonds to describe the mechanical properties of the interfaces and adopting a displacement-based cohesive failure criterion, the model is able to predict the critical condition and path of interfacial crack propagation. The robustness of the interfacial cohesive peridynamic method is validated through a series of representative examples. We also demonstrate its efficacy in simulating three-dimensional cracks and identify the essential role of the interfacial energy release rate in controlling the cracking mode transition from a restricted pattern to a helical pattern. The numerical predictions of cracking paths and stress distributions agree well with the previous experimental results. This study provides a valuable tool for analyzing different cracking patterns in film–substrate systems and composite materials.