Magnetoelectric multiferroic materials, particularly type-II multiferroics where ferroelectric polarizations arise from magnetic order, offer significant potential for the simultaneous control of magnetic and electric properties. However, it remains an open question as to how the multiferroic ground states are stabilized on the free-energy landscape in the presence of intricate competition between the magnetoelectric coupling and thermal fluctuations. In this work, by using terahertz time-domain spectroscopy in combination with an applied magnetic field, photoexcitation, and single-shot detection, we reveal the spectroscopic signatures of a magnetic-field-induced metastable multiferroic state in a hexaferrite. This state remains robust until thermal influences cause the sample to revert to the original paraelectric state. Our findings shed light on the emergence of metastable multiferroicity and its interplay with thermal dynamics.