Multiferroic heterostructures in which ferroelectric and ferromagnetic orders are coupled enable control of magnetism using electric fields. Hence, they are of increasing demand for realizing ultra-fast, compact, miniaturized, and ultra-low power spintronics. The wide demand has boosted the development of novel multiferroic heterostructures. In this chapter, we present an overview of recent advances in the multiferroic heterostructures, highlighting the strain tuning for the development of strong magnetoelectric coupling effects and their potential applications. The varied applications of the multiferroics in the field of memory devices, magnetic data storage, nonlinear optical applications, electro-optic responses, plasmonic waveguide modulators, magnetoelectric device applications, and so forth, are discussed in this chapter. To conclude, we present a brief overview of functionalities of these various 134multiferroic heterostructures that enable accomplishment of novel functional devices.