This study theoretically demonstrated the oxygen vacancy (VO2+)-based modulation of a tunneling junction memristor (TJM) with a high and tunable tunneling electroresistance (TER) ratio. The tunneling barrier height and width are modulated by the VO2+-related dipoles, and the ON and OFF-state of the device are achieved by the accumulation of VO2+ and negative charges near the semiconductor electrode, respectively. Furthemore, the TER ratio of TJMs can be tuned by varying the density of the ion dipoles (Ndipole), thicknesses of ferroelectric-like film (TFE) and SiO2 (Tox), doping concentration (Nd) of the semiconductor electrode, and the workfunction of the top electrode (TE). An optimized TER ratio can be achieved with high oxygen vacancy density, relatively thick TFE, thin Tox, small Nd, and moderate TE workfunction.