The terminology ‘multiferroics’ refers to materials where multiple ferroic orders coexist, i.e. (anti)ferromagnetism, ferroelectricity, and ferroelasticity. The intimate coupling of the ferroic orders, and the cross control of magnetization (electric polarization) by electric (magnetic) fields, provide opportunities for the design and development of conceptually new multifunctional devices. In recent years, an emergent class of multiferroics known as polar magnets have characteristics of non-centrosymmetric and broken of space inversion symmetry at very high temperature, and show interesting physical properties such as magnetoelectric coupling above room temperature and non-reciprocal behavior, which have attracted considerable attention. In this review, we briefly discuss recent research progress of the multiferroicity and magnetoelectric coupling of polar magnets, and try to present several future challenges of this field.