As a new type of nonlinear electronic component, a memristor can be used in a chaotic system to increase the complexity of the system. In this paper, a flux-controlled memristor is applied to an existing chaotic system, and a novel five-dimensional chaotic system with high complexity and hidden attractors is proposed. Analyzing the nonlinear characteristics of the system, we can find that the system has new chaotic attractors and many novel quasi-periodic limit cycles; the unique attractor structure of the Poincaré map also reflects the complexity and novelty of the hidden attractor for the system; the system has a very high complexity when measured through spectral entropy. In addition, under different initial conditions, the system exhibits the coexistence of chaotic attractors with different topologies, quasi-periodic limit cycles, and chaotic attractors. At the same time, an interesting transient chaos phenomenon, one kind of novel quasi-periodic, and weak chaotic hidden attractors are found. Finally, we realize the memristor model circuit and the proposed chaotic system use off-the-shelf electronic components. The experimental results of the circuit are consistent with the numerical simulation, which shows that the system is physically achievable and provides a new option for the application of memristive chaotic systems.