External memory refers to storage devices that can retain data when powered off, such as magnetic disks, optical disks, magnetic tapes, and RAID arrays. Magnetic disks use circular platters coated with magnetizable material and a head to read and write data via magnetic fields. Optical disks use light beams to read and write, while magnetic tapes have a magnetic coating and read/write head. RAID arrays provide redundancy across multiple disks for improved reliability.