Multiferroic materials promise a tantalizing perspective of novel applications in next-generation electronic, memory, and energy harvesting technologies, and at the same time they also represent a grand scientific challenge on understanding complex solid state systems with strong correlations between multiple degrees of freedom. In this review, we highlight the opportunities and obstacles in growing multiferroic thin films with chemical and structural integrity and integrating them in functional devices. Besides the magnetoelectric effect, multiferroics exhibit excellent resistant switching and photovoltaic properties, and there are plenty opportunities for them to integrate with other ferromagnetic and superconducting materials. The challenges include, but not limited, defect-related leakage in thin films, weak magnetism, and poor control on interface coupling. Although our focuses are Bi-based perovskites and rare earth manganites, the insights are also applicable to other multiferroic materials. We will also review some examples of multiferroic applications in spintronics, memory, and photovoltaic devices.