This chapter introduces multiferroics (MFs), its historical perspective and present development. The co-existence of two or more ferroic order parameters in MFs can be extremely important for future ultra-low power consumption devices, in-memory computing in addition to reduction in size and number of transistors in forthcoming new generation electronic devices. This chapter introduces MFs and their related basic concepts including types of polarization and magnetization, Debye relaxation and Cole-Cole plots. Ferroelectric (FE) hysteresis, magnetic properties which include ferromagnetism (FM) and hysteresis, antiferromagnetic (AFM) materials are discussed in depth. Classification of exchange interaction includes direct, superexchange, double and Dzyaloshinkii-Moriya interaction. Furthermore, the chapter delves into classification of MFs i.e., type-I and type-II MFs and magnetoelectric (ME) coupling. MF materials can be of a single-phase material exhibiting FE and magnetic behavior and composite comprising of a magnetostrictive and a piezoelectric phase. This chapter concludes with a brief discussion in the area of current technological developments, applications and challenges with MF and ME materials and the way forward.