Perovskite multiferroics which are known as having various ferroic orders (ferroelectricity, ferromagnetism and ferroelasticity) are quite interesting materials for multifunctional applications. The general formula for these materials is ABX₃, and they provide remarkable maneuverability of properties by means of composition, strain, and doping, increasing their interest for energy storage. This paper explains their ways of utilizing ambient energy as electrical energy through piezoelectric, thermoelectric, photovoltaic, and magneto-electric effects. Specific response systems include the various mechanisms for strain-induced polarization, the bulk photovoltaic effect (BPVE), and hybrid energy conversion systems that incorporate multiple mechanisms to enhanced performance. Using particular examples, particularly BiFeO₃, the structural, electrical, and magnetic behavior of perovskite multiferroics upon certain excitations is presented. These materials are promising for applications such as self-powered sensors, wearable devices and renewable energy systems. But environmental sensitivity, stability, and scalability remain barriers to practical implementation. Ongoing research to mitigate these limitations using novel material compositions, state-of-the-art synthesis techniques, and optimization strategies are summarized in this chapter. As outlined in Sustainable Development Goal (SDG) 7 from the United Nations, there are transformative opportunities offered by perovskite multiferroics for eventual implementation in the next generation of energy-efficient technologies to meet global renewable energy objectives.