The work involved fabrication of epitaxial thin films of multiferroic BiFeO3 (BFO) on various single crystalline substrates via pulsed laser deposition. The ferroelectric character of the films was proven by piezo force microscopy and measurement of ferroelectric polarization values. Abnormal photovoltaic effect was observed in the BFO thin films, i.e. above-band gap open-circuit voltages under illumination. By performing temperature- and polarization-angleresolved measurements, the role of domains and domain walls was determined and the significance of the so-called bulk photovoltaic effect was proven. In a separate study, the role of epitaxial strain on the photoconductive properties of BFO films was investigated. The phenomenon of persistent photoconductivity, i.e. persistence of enhanced conductivity after the illumination is switched off, was observed. Wavelength- and temperature-dependent studies proved the role of sub-band levels in the persistent photoconductivity. Hence, two phenomena, usually related to semiconducting materials, were investigated in a multiferroic material, BFO.