Multiferroic materials, which exhibiting simultaneously two or more coupled ferroic orders, are attracting extensive research interest mainly due to their promising device applications in low power electronics and the exotic physics involved. Despite the fact that an increasing number of multiferroics have been identified through two decades of diligent and creative studies, their low transition temperature or small magnetoelectric coupling strength has hindered direct device applications. Searching for materials with room-temperature ferroelectricity, a large enough magnetization and coupling between these two is still the Holy Grail for fundamental condensed matter research. In this talk, I will report a novel room temperature multiferroic in the Bi-Fe-O system. The material is comprised of a hitherto-unexplored, hexagonal crystalline structure with Bi2O3 layers separated by γ-Fe2O3 blocks, which blends the excellent ferroelectric and ferrimagnetic performances of BiFeO3 and γ-Fe2O3 together to form an exotic multiferroic material with ferroelectric and ferrimagnetic transition temperature of above 760 K and 600 K, respectively. A combination of experimental and theoretical studies reveals that the polar state stems from the two dissimilar Bi sites and extends further into oxygen ions with the exquisitely modulated structure. This finding identifies a novel strategy for the realization of high-temperature multiferroicity and paves the pathway for the realization of practical room temperature magnetoelectric devices.