Crystal growth and characterization of few multifunctional materials with perovskite (ABX3) structure are discussed in this thesis. Efforts were made to modify the magnetic and electric behaviour of these materials by selective tuning of A, B and X components. Structural, magnetic and dielectric characterization are detailed in various chapters for doped (A and B site) rare-earth manganites and organometallic compounds with different (Chloride or formate) anions. The relevant aspects of crystal structure and its relationship with ordered ground states are discussed in the introductory chapter. A detailed review of prominent theories pertaining to magnetic and ferroelectric ordering in the literature is provided. Growth of various inorganic compounds by solid-state reaction and floating zone method as well as use of solvothermal techniques for growing organometallic compounds are discussed. Material preparation, optimization of crystal growth processes and results of characterization are addressed in various chapters. The effect of Yttrium doping on structural, magnetic and dielectric properties of rare-earth manganites (RMnO3 where R = Nd, Pr) has been investigated. Neutron diffraction studies (Pr compounds) confirm A-type antiferromagnetic structure and fall in transition temperature as the Yttrium doping level increases. Diffraction experiments in conjunction with dc magnetization and ac susceptibility studies reveal magnetic frustration in excess Yttrium dopedcompounds. When mutliglass properties of 50% B-site doped Nd2NiMnO6 were investigated, evidence of re-entrant cluster glass phase was seen probably due to presence of anti-site disorder. The relaxor-like dielectric behaviour arises from crossover of relaxation time in grain and grain boundary regions. Multiferroic behaviour of the organometallic compound (C2H5NH3)2CuCl4 as well as the ferroelectric transition were investigated in detail. The role of Hydrogen bond ordering in driving structural transitions is elucidated by low temperature dielectric and Raman studies in (C2H5NH3)2CdCl4. It was found possible to tune the magnetic and ferroelectric properties in metal formate compounds (general formula AB(HCOO)3) by selectively choosing organic cations [(CH3)2NH2+; C(NH3)3+] and transition metal ion [B = Mn, Co and Cu]. The nature of magnetic ordering and transition temperature could be altered by the transition metal ion. The effect of reorientation of organic cations which leads to ferroelectric nature is discussed using dielectric and pyroelectric data. Significant results are summarized in the chapter outlining general conclusions. Future prospects of work based on these observations are also provided. The conclusions are corroborated by detailed analysis of experimental data.