Multifunctional thin film and nanostructured materials have combined electrical, optical, piezoelectronic as well as dielectric properties. Epitaxial and polycrystalline growth of such materials are important for a very wide range of microelectronic and optoelectronic energy conversion devices application. Modulation of electical conductiveity of functional thin films from insulating to semiconducting and conductive can be realized by doping and forming multi-elements compound. Such wide range of electrical properties can be used as dielectrics, electrical active channel layer in TFT and transparent electrode materials for solar cell and displays. In addition, low temperature synthesis of functional thin films on cheap substrates is currently indispensible for developing flexible and bendable next-generation display and electronic paper displays. Multifunctional materials have unique responsive properties under different external and internal physical potentials, such as stress, optical and magnetic fields. Design and study of these optoelectronic, piezoelectronic and piezophototronic effects are very interesting for novel functional device applications.