Lead halide perovskites‐based memory devices have attracted considerable interest due to their unique current–voltage (I–V) hysteresis. Herein, all‐inorganic CsPbI3 perovskite film surviving 30 d of air storage is prepared by using a poly‐vinylpyrrolidone‐assisted passivation method under fully open‐air condition. Afterwards, a memory device with a sandwich structure of Ag/CsPbI3/indium tin oxide is manufactured. From I–V characteristics of pristine device, a spontaneous reaction between the active Ag electrode and I− ions under air exposure is suggested. Furthermore, complete degradation of Ag electrode and formation of AgIx are verified, which also accompanies with generation of more iodine vacancies (VI) in perovskite film. The memory device with AgIx layer shows a bipolar resistive switching behavior, ultrahigh ON/OFF ratio (above 106), nonvolatile, reliable, and reproducible switching performance. Cell area and temperature dependent characteristics propose that the resistive switching is dominated by VI filament in low‐resistance state and thermally assisted hopping in high‐resistance state. This study provides a new insight to understand switching behavior from the way of electrode degradation and metal iodide formation in lead iodide perovskites‐based memory devices and also suggests a potential application for AgIx‐induced resistive switching in CsPbI3‐based memory device.