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Many important breakthroughs and significant engineering developments have been achieved during the past two decades in the field of caloric materials. In this review, we address ferroelectrics emerging as ideal materials which permit both giant elastocaloric and/or electrocaloric responses near room temperature. We summarize recent strategies for improving caloric responses using geometrical optimization, maximizing the number of coexisting phases, combining positive and negative caloric responses, introducing extra degree of freedom like mechanical stress/pressure, and multicaloric effect driven by either single stimulus or multiple stimuli. This review highlights the promising perspective of ferroelectrics for developing next-generation solid-state refrigeration.