Every person with an electronics background will be familiar with the three fundamental circuit elements - the resistor, the capacitor, and the inductor. These three elements are defined by the relation between two of the four fundamental circuit variables - current, voltage, charge and flux. In 1971, Leon Chua reasoned on the grounds of symmetry that there should be a fourth fundamental circuit element which gives the relationship between flux and charge. He named this circuit element the memristor, which is short for memory resistor. In May 2008, researchers at HP Labs published a paper announcing a model for the physical realization of the memristor. It is proposed that memory storage devices that has very high data density and computers that require no time for boot up can be developed using memristor based hardware. A new physical quantity which is also introduced associated with memristor. It also solves someunexplained voltage current characteristics observed in certain materials at atomic levels.