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YFeO $_{\boldsymbol 3}$ and other rare earth substituted crystals with distorted orthorhombic pervoskite-like structure (space group, Pbnm) have attracted much attention due to their remarkable magnetic properties of primary significance for technological applications. In the present work, the floating zone growth of YFeO $_{\boldsymbol 3}$ crystals has been systematically investigated and high quality YFeO $_{\boldsymbol 3}$ crystal was obtained by optimized process. The magnetic properties of YFeO $_{\boldsymbol 3}$ crystal were investigated, and it indicated the high magneto-optical property in YFeO $_{\boldsymbol 3}$ crystals with specific orientation due to its anisotropy. YFeO $_{\boldsymbol 3}$ crystals display superior performance in the application magneto-optical current sensors and fast latching optical switches. [ABSTRACT FROM AUTHOR]