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The interstellar medium is a key ingredient that governs star formation in galaxies. We present a detailed study of the infrared (∼1–500 μm) spectral energy distributions of a large sample of 193 nearby () luminous infrared galaxies (LIRGs) covering a wide range of evolutionary stages along the merger sequence. The entire sample has been observed uniformly by 2MASS, WISE, Spitzer, and Herschel. We perform a multicomponent decomposition of the spectra to derive physical parameters of the interstellar medium, including the intensity of the interstellar radiation field and the mass and luminosity of the dust. We also constrain the presence and strength of nuclear dust heated by active galactic nuclei. The radiation field of LIRGs tends to have much higher intensity than that of quiescent galaxies, and it increases toward advanced merger stages as a result of the central concentration of the interstellar medium and star formation. The total gas mass is derived from the dust mass and the galaxy stellar mass. We find that the gas fraction of LIRGs is on average ∼0.3 dex higher than that of main-sequence star-forming galaxies, rising moderately toward advanced merger stages. All LIRGs have star formation rates that place them above the galaxy star formation main sequence. Consistent with recent observations and numerical simulations, the global star formation efficiency of the sample spans a wide range, filling the gap between normal star-forming galaxies and extreme starburst systems. [ABSTRACT FROM AUTHOR]