In recent years, many researchers have leveraged various memristors to design many novel memristive chaotic systems with complex dynamics. Compared with other chaotic systems, applying these memristive chaotic systems to image encryption is expected to solve some key problems in this field. Therefore, exploiting a recently reported memristive chaotic system, this paper proposes a novel image encryption scheme based on the memristive chaotic system and combining bidirectional bit-level cyclic shift and dynamic DNA-level diffusion (IES-M-BD). First, a discrete memristive chaotic map is employed to generate chaotic sequences. Then, the plaintext image is shifted circularly on bit-level according to chaotic sequences and the hash value of the plaintext image. After that, the shifted matrix is recombined on the bit plane and encoded dynamically by DNA encoding rules. Next, dynamic DNA-level diffusion and DNA-level permutation are carried out in two rounds. Finally, the encrypted image is obtained after dynamic DNA decoding. Simulation tests and performance analyses are also carried out in this paper. The simulation results and the security analyses demonstrate that this encryption scheme has a high security level and can resist various attacks.