Hexagonal manganites belong to an exciting class of materials exhibiting strong interactions between a highly frustrated magnetic system, the ferroelectric polarization, and the lattice. The existence and mutual interaction of different magnetic ions (Mn and rare earth) results in complex magnetic phase diagrams and novel physical phenomena. A summary and discussion of the various properties, underlying physical mechanisms, the role of the rare earth ions, and the complex interactions in multiferroic hexagonal manganites, are presented in this paper.