Generative retrieval, which has demonstrated effectiveness in text-to-text retrieval, utilizes a sequence-to-sequence model to directly generate candidate identifiers based on natural language queries. Without explicitly computing the similarity between queries and candidates, generative retrieval surpasses dual-tower models in both speed and accuracy on large-scale corpora, providing new insights for cross-modal retrieval. However, constructing identifiers for multimodal data remains an untapped problem, and the modality gap between natural language queries and multimodal candidates hinders retrieval performance due to the absence of additional encoders. To this end, we propose a pioneering generAtive Cross-modal rEtrieval framework (ACE), which is a comprehensive framework for end-to-end cross-modal retrieval based on coarse-to-fine semantic modeling. We propose combining K-Means and RQ-VAE to construct coarse and fine tokens, serving as identifiers for multimodal data. Correspondingly, we design the coarse-to-fine feature fusion strategy to efficiently align natural language queries and candidate identifiers. ACE is the first work to comprehensively demonstrate the feasibility of generative approach on text-to-image/audio/video retrieval, challenging the dominance of the embedding-based dual-tower architecture. Extensive experiments show that ACE achieves state-of-the-art performance in cross-modal retrieval and outperforms the strong baselines on Recall@1 by 15.27% on average.