We study the evolution of phase-space density during the hierarchical structure formation of LCDM halos. We compute both a spherically-averaged surrogate for phase-space density (Q) and the coarse-grained distribution function f(x,v) for dark matter particles that lie within~2 virial radii of four Milky-Way-sized dark matter halos. The estimated f(x,v) spans over four decades at any radius. Dark matter particles that end up within two virial radii of a Milky-Way-sized DM halo at $z=0$ have an approximately Gaussian distribution in log(f) at early redshifts, but the distribution becomes increasingly skewed at lower redshifts. The value corresponding to the peak of the Gaussian decreases as the evolution progresses and is well described by a power-law in (1+z). The highest values of f are found at the centers of dark matter halos and subhalos, where f can be an order of magnitude higher than in the center of the main halo. The power-law Q(r) profile likely reflects the distribution of entropy (K = sigma^2/rho^{2/3} propto r^{1.2}), which dark matter acquires as it is accreted onto a growing halo. The estimated f(x, v), on the other hand, exhibits a more complicated behavior. Although the median coarse-grained phase-space density profile F(r) can be approximated by a power-law in the inner regions of halos and at larger radii the profile flattens significantly. This is because phase-space density averaged on small scales is sensitive to the high-f material associated with surviving subhalos, as well as relatively unmixed material (probably in streams) resulting from disrupted subhalos, which contribute a sizable fraction of matter at large radii. (ABRIDGED)
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