By controlling the position and concentration of oxygen vacancies, the relevant physical properties of the multiferroic ABO3 perovskite thin film can be modulated, including electric, optical and multiferroic properties. In this paper, we briefly review the various typical multiferroics. The details of oxygen vacancies are introduced, including the formation mechanism, oxygen octahedral structure, relationship between strain and oxygen vacancy, and specific tuning effect on the physical properties (multiferroic, superconductivity and electrochemical behavior). The latest research progress of the oxygen vacancies induced tuning effect, especially in the field of the multiferroic, provides valuable reference for exploring novel magnetoelectric functional materials and devices.