The article reviews the recent progress in the field of multiferroics, materials that exhibit the coexistence of two or more fundamental ferroicities, such as magnetism and ferroelectricity. The authors highlight the physical concepts of multiferroicity, the challenges in integrating magnetism and ferroelectricity into a single-phase system, and various strategies to combine these two orders. They discuss three novel mechanisms for multiferroicity generation: (1) ferroelectricity induced by spin orders like spiral and $E$-phase antiferromagnetic spin orders, (2) ferroelectricity originating from charge-ordered states, and (3) ferrotoroidic systems. The article also addresses elementary excitations such as electromagnons and explores potential applications of multiferroics, including magnetic field sensors and electric field-controlled exchange bias. Finally, it outlines open questions and future opportunities in the field.The article reviews the recent progress in the field of multiferroics, materials that exhibit the coexistence of two or more fundamental ferroicities, such as magnetism and ferroelectricity. The authors highlight the physical concepts of multiferroicity, the challenges in integrating magnetism and ferroelectricity into a single-phase system, and various strategies to combine these two orders. They discuss three novel mechanisms for multiferroicity generation: (1) ferroelectricity induced by spin orders like spiral and $E$-phase antiferromagnetic spin orders, (2) ferroelectricity originating from charge-ordered states, and (3) ferrotoroidic systems. The article also addresses elementary excitations such as electromagnons and explores potential applications of multiferroics, including magnetic field sensors and electric field-controlled exchange bias. Finally, it outlines open questions and future opportunities in the field.