Triboelectric nanogenerators (TENGs) have the potential to harvest low-frequency energies, making them crucial for self-power sustainability. They are suitable for applications such as self-powered wearable electronics, IoT devices, electronic skins, energy storage devices, biosensors, and body motion sensors. The electric power produced by TEG/TENG devices can be generated through various mechanical energy conversion mechanisms. The approach involves developing multiferroic materials with coexistence of multiple primary ferroic orderings. The multiferroic nanocomposite/PDMS composite film is used as an active layer for TENGs, enhancing the material's dielectric property and increasing surface charge potential. The piezoelectric polarization and high dielectric constant of the composite film enhance the device's electrical output. The nanocomposite can also be used for detecting stray small magnetic fields and functions as a self-powered magnetic field sensor. The nanocompositing enhances the material's surface charge potential and piezoelectric polarization, making TENGs a promising solution for self-powered energy storage and self-powered devices.