In this paper, we define the phases of a complex sectorial matrix to be its canonical angles, which are uniquely determined from a sectorial decomposition of the matrix. Properties of matrix phases are studied, including those of compressions, Schur complements, matrix products, and sums. In particular, by exploiting a notion known as the compound numerical range, we establish a majorization relation between the phases of the eigenvalues of AB and the phases of A and B. This is then applied to investigate the rank of I+AB with phase information of A and B, which plays a crucial role in feedback stability analysis. A pair of problems: banded sectorial matrix completion and decomposition is studied. The phases of the Kronecker and Hadamard products are also discussed.