This review article summarizes the development of different kinds of materials that evolved interest in all field of science particularly on new nano-materials which possess both electric and magnetic properties at the nanoscale. Materials of such kind possessing both magnetic and electric properties have tremendous applications and own an intensive research activity. These materials induce new properties which are particularly important in electronic and magnetic devices and even in the materials where magnetic property will change by electric field or vice versa. The discovery of such ferroic properties for scientific applications is the need of hour and spreads an exciting new area that has technical and commercial potential for the discovery of advanced materials. In recent studies, the actual path by which the multiferroic properties exist has been focused and new metal oxide compounds were discovered. The understanding of the structure of these compounds through research describes a wide range of applications and the challenges of these multiferroic materials that need to be explored. In this study, fundamental aspects and structural variations of ternary transition metal oxides have been covered which possess novel properties in storage devices such as hard disk platters and magnetic read heads.

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