The recent surge of interest in multiferroic materials has been driven by their fascinating physical properties, as well as their huge potential for technological applications. Materials science is a key factor in driving development and economic growth. Since the silicon industrial revolution of the 1950s, research and developments in materials science have radically impacted and transformed our society through the emergence of computer technologies, wireless communications, Internet, digital data storage technologies and widespread consumer electronics. Today’s emergent topics in materials science research such as nano-materials, carbon based grapheme and nano-tubes, smart and multifunctional materials, spintronic materials, bio-materials and multiferroic materials, promise to deliver a new wave of technological advances and economic impact, comparable to the silicon industrial revolution of the 1950s. The potential applications of multiferroic materials cover a wide range of technologies. In this lecture, Dr Vopson presents a short introduction into the physics of multiferroic materials, his recently discovered Multicaloric Effect and the detailed description of its application to refrigeration industry.