This research reports on the control of short‐term and long‐term memory in transition metal oxides embedded with localized gold nanoparticles (Au‐NPs). The HfTiOx/TiSiOx switching layer, after the orderly and uniform insertion of Au‐NPs, demonstrates uniform cycle‐to‐cycle DC switching with an ON–OFF ratio >10. Stable low‐resistance states (LRS) and high‐resistance state (HRS) are maintained up to 104 s with multilevel memory characteristics due to the control of oxygen vacancy concentrations. The localized Au‐NPs enhance the local electric field near the HfTiOx/Au‐NP interface, forming controlled conductive filaments, while the high concentration of oxygen vacancies creates a permanent conduction path inside TiSiOx after the electroforming process. The ITO/HfTiOx/Au‐NP/TiSiOx/TaN memristor exhibits stable, controllable gradual bipolar switching and mimics several biological memory functions, including pulse‐width‐dependent plasticity, spike‐timing‐dependent plasticity, pulse‐frequency‐dependent plasticity, and experience‐dependent plasticity. Additionally, a performance of 50k SET/RESET cycles without any significant degradation is achieved and the facilitation of long‐term potentiation/depression are demonstrated. With the help of controlled oxygen vacancy generation on the surface of Au‐NP inside the HfTiOx/TiSiOx switching layer, the memristor can emulate metaplasticity. Evaluation of a reservoir computing system utilizing the volatile switching of the memristor shows efficient processing of temporal data information which is essential for neuromorphic systems.