Valence change memories are novel data storage devices in which the resistance is determined by a reversible redox reaction triggered by voltage. The oxygen content and mobility within the active materials of these devices play a crucial role in their performance. Therefore, materials which present fast oxygen migration properties and can accommodate variable oxygen stoichiometry are promising candidates. In this work, the perovskite La0.5Sr0.5MnO3‐δ (LSM50) as memristive material is studied, which presents a more facile oxygen vacancy formation and faster oxygen migration compared to other strontium‐substituted manganites. For the first time reproducible resistive switching is reported in epitaxial LSM50‐based devices with active Ti electrodes, which show large operating window and stable multilevel states. Based on the structural, chemical, and electrical results, a simple phenomenological description of the resistive switching phenomena taking place in these novel LSM50‐based memristive devices is proposed.