Multiferroic depicts matters in which two or more ferroic order parameters (ferroelectric, antiferromagnetic, and ferroelastic) coexist. The coexistent ferroic orders and the coupling enable multiferroics to show intriguing physical phenomena and to possess promising potentials for next‐generation nanoelectronics. More recently, a number of fascinating phenomena as well as promising exploration of new device heterostructures based on multiferroic thin films have been carried out, lighting up the opportunity toward multifunctional devices and electronics. In this article, fundamental characteristics, coexistence of ferroic order parameters, and corresponding couplings will be disclosed. Furthermore, convectional types as well as promising applications of multiferriocs thin films will also be recaptured.