Inorganic–organic hybrid molecular multiferroic and magnetoelectric materials, similar to multiferroic oxide compounds, have recently attracted increasing attention because they exhibit diverse architectures, a flexible framework, fascinating physics, and potential magnetoelectric functionalities in novel multifunctional devices such as energy transformation devices, sensors, and information storage systems. Herein, the classification of multiferroicity and magnetoelectricity is briefly outlined and then the recent advances in the multiferroicity and magnetoelectricity of inorganic–organic hybrid molecular materials, particularly magnetoelectricity and the relevant magnetoelectric mechanisms and their categories are summarized. In addition, a personal perspective and an outlook are provided. Magnetoelectricity plays a huge role in the development of next‐generation devices. Since the discovery of multiferroic properties in inorganic–organic hybrid molecular materials, the related magnetoelectric behaviors have been gradually discovered and advanced at a vigorous pace. This brief development of multiferroicity/magnetoelectricity in inorganic–organic hybrid molecular materials shows their prospect for future development.