The manipulation of magnetic properties by an electric field in magnetoelectric multiferroic materials has driven significant research activity, with the goal of realizing their transformative technological potential. Here, we review progress in the fundamental understanding and design of new multiferroic materials, advances in characterization and modelling tools to describe them, and the exploration of devices and applications. Focusing on the translation of the many scientific breakthroughs into technological innovations, we identify the key open questions in the field where targeted research activities could have maximum impact in transitioning scientific discoveries into real applications.