Simultaneous presence of two or more ferroic orderings in materials, i.e., multiferroism and magnetoelectric (ME) coupling, i.e., electric control on magnetization or vice versa are at the center of attention in the current era of spintronic technology. There are scarce and very exceptional ‘multiferroic’ materials that display electric and magnetic properties simultaneously. But ME coupling in magnetic as well as electrical properties is a more common and extensive phenomenon. Out of these rare multiferroic materials, Bismuth Ferrite (BiFeO3:BFO) is one of the well-known perovskite multiferroic materials which have both antiferromagnetism (Tc ~ 640 K) as well as ferroelectricity (Tc ~ 1103 K) simultaneously at room temperature. In this chapter, efforts have been made to discuss the various synthesis methods (sol–gel and co-precipitation etc.) for the preparation of BFO based nanostructures along with their physical properties and applications in the devices.