Multiferroic and magnetoelectric materials are a new class of materials which show interdependence of magnetic and electric properties on each other. Moreover, multiferroics simultaneously exhibit ferroelectric and magnetic ordering in a single phase with some degree of coupling between order parameters. While a multiferroic material has to be a single phase material, magnetoelectric materials can be single phase as well as a mixture of two phases showing interface mediated magnetoelectric coupling. These materials have the potential for a variety of exciting applications such as dual memory devices, spintronic devices, high frequency applications etc. However, the applications are realized yet due to lack of materials and difficulty in achieving the desired effects in the available materials. The single phase materials which have been studied well enough in both bulk and thin film form are BiFeO₃, BiMnO₃ and hexagonal manganites while two phase mixture studies include BaTiO₃ and CoFe₂O₄.