Over the last few years, multifunctional materials have gained significant attention in a broad area of scientific research, including chemistry, physics, and material sciences, as these materials can importantly be used in a single device due to the presence of two or more physical properties . In this aspect, multifunctional magnetic materials have shown tremendous potential to realize their application in modern-day technologies . Magnetic, optical and electrical bistability expressed by spin crossover (SCO) , single-chain magnets (SCMs) , single-molecule magnets (SMMs) , and metal-to-metal electron transfer (MMET) systems have received a lot of interest due to their potential application in molecular electronics and spintronics as the bistability of these systems can be controlled and tuned by several external stimuli, e.g., light, electric field, temperature, pressure etc. . Materials exhibiting SCO property fall under an important class of molecular bistability that arises from the spin-state switching between two electronic states, so-called low spin (LS) and high spin (HS), under the application of various external stimuli, e.g., pressure, temperature, light irradiation, magnetic field, presence or absence of guest molecule (Fig. ) .