Magnetoelectric multiferroic fluids composed of BaTiO3@CoFe2O4 composite nanoparticles dispersed in a highly insulating nonpolar oleic acid/silicone oil mixture have been developed. The effects of the particle volume fraction and a magnetic field, as well as an electric field, on the ferroelectric and magnetic properties, as well as the magnetoelectric coupling effect, have been systematically studied and discussed in this paper. Magnetic characterization shows an approximation to superparamagnetism, and both the remanent magnetization (Mr) and the coercive field (Hc) increase with increases in the volume fraction and applied electric field. Similarly, a superparaelectric state has been observed in the multiferroic fluids, in which both the remanent polarization (Pr) and the coercive field (Ec) are near zero, whereas they increase with increases in the applied magnetic field and volume fraction. High converse and direct magnetoelectric coupling coefficients are estimated to be αH = 8.16 × 10-4 (Oe cm) V-1 and αE = 1.58 × 104 V (cm Oe)-1, respectively. Further analysis indicates that the composite particles can be aligned under an external magnetic/electric field so that their magnetic/electric moments can be parallel to the external field, which in turn results in changes in the magnetization/polarization directions. These results imply that besides magnetoelectric fluids that consist of core/shell-structured nanoparticles, conventional multiferroic fluids based on composite particles may provide an opportunity to gain electrical control of magnetization and vice versa, which implies potential applications.