The phenomenal growths of information technology and related fields have warranted the development of new class of materials. Multifunctional oxides, magnetic-semiconductors, multiferroics and smart materials are just a few examples of such materials. They are needed for the development of novel technologies such as spintronics, magneto-electronics, radhard electronics, and advanced microelectronics. For these technologies, of particular interest are some solid solutions of ilmenite-hematite (IH) represented by (1-x) FeTiO3.xFe2O3 where x varies from 0 to 1; Mn-doped ilmenite (Mn+3-FeTiO3) and Mn-doped pseudobrookite, Mn+3-Fe2TiO5 (PsB). These multifunctional oxides are ferromagnetic with the magnetic Curie points well above the room temperature as well as wide bandgap semiconductors with band gap Eg > 2.5 eV. This paper outlines: (a) processing of device quality samples for structural, electrical and magnetic characterization, (b) fabrication and evaluation of an integrated structure for controlled magnetic switching, and (c) the response of the two terminal non-linear current-voltage (I-V) characteristics when biased by a dc voltage. Subsequently, we will identify a few microelectronic applications based on this class of oxides.