The increasing enthusiasm for multiferroic materials over the last decade is attributed to their astonishing properties such as large magnetoelectric coupling and technological applications. This chapter reviews some aspects of multiferroic materials such as their origin, history, and recent developments. Multiferroic materials can be classified based on the nature and type of coupling. Single-phase and composite multiferroics are discussed here based on the mechanism of magnetoelectric coupling. Type I and type II multiferroic materials along with their common classification are also deliberated, and well-known applications are also discussed.