There is a wide array of technologically significant materials whose response to electric and magnetic fields can make or break their utility for specific applications. Often, these electrical and magnetic properties are determined by nanoscale features that can be most effectively understood through electron microscopy studies. Here, we present an overview of the capabilities for transmission electron microscopy for uncovering information about electric and magnetic properties of materials in the context of operational devices. When devices are operated during microscope observations, a wealth of information is available about dynamics, including metastable and transitional states. Additionally, because the imaging beam is electrically charged, it can directly capture information about the electric and magnetic fields in and around devices of interest. This is perhaps most relevant to the growing areas of nanomaterials and nanodevice research. Several specific examples are presented of materials systems that have been explored with these techniques. We also provide a view of the future directions for research.