Multiferroics - materials which are simultaneously (ferro)magnetic and ferroelectric, and often also ferroelastic - attract now considerable attention, both because of the interesting physics involved and as they promise important practical applications. In this paper, I give a survey of microscopic factors determining the coexistence of these properties, and discuss different possible routes to combine them in one material. In particular, the role of the occupation of d-states in transition metal perovskites is discussed, possible role of spiral magnetic structures is stressed, and the novel mechanism of ferroelectricity in magnetic systems due to combination of site-centred and bond-centred charge ordering is presented. Microscopic nature of multiferroic behaviour in several particular materials, including magnetite Fe3O4, is discussed. (C) 2006 Elsevier B.V. All rights reserved.