Due to magnetic field tunability and the abundance of iron in the Earth’s crust, iron oxide-based resistive random access memory (RRAM) is considered to be low cost and potential for multi-level storage. However, the relatively high operation voltage (>1 V) and small storage window (<100) limit its application. In this work, the devices with simple Ag/Fe2O3/Pt structure exhibit typical bipolar resistive switching with ultralow set voltage (V
set) of 0.16 V, ultralow reset voltage (V
reset) of −0.04 V, high OFF/ON resistance ratio of 103, excellent cycling endurance more than 104 and good retention time longer than 104 s. Each major parameter has about an order of magnitude improvement compared to the previous data. The devices demonstrate outstanding stable low power consumption quality. Based on the analysis of the experimental results, a percolation model of silver ion migration was established and confirmed that low operation voltage is attributed to the amorphous oxide layer with large porosity. During electrical testing, the compliance current (I
c) and maximum reset voltage (V
max) can also affect the device performance. This discovery suggests Fe2O3 memristor has significant potential for application and provides a new idea for the realization of high-performance low-power RRAM.